UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------------------------
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
WESTWOOD ONE, INC.
(Name of Issuer)
Common Stock, Par Value $.01 per share
(Title of Class of Securities)
961-815-10-7
(CUSIP Number)
Sumner M. Redstone
National Amusements, Inc.
200 Elm Street
Dedham, Massachusetts 02026
Telephone: (781) 461-1600
with a copy to:
Michael D. Fricklas, Esq.
Viacom Inc.
1515 Broadway
New York, New York 10036
Telephone: (212) 258-6000
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and Communications)
April 15, 2002
(Date of Event which Requires Filing of this Statement)
-----------------------------------------------------
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with this
statement / /.
Page 2 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Infinity Network Inc.
-----------------------------------------------------------------
I.R.S. Identification No. 52-1859471
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See
Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 3 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Infinity Media Corporation
-----------------------------------------------------------------
I.R.S. Identification No. 13-2766282
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group
(See Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person 17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 4 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Infinity Broadcasting Corporation
-----------------------------------------------------------------
I.R.S. Identification No. 13-4142467
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person
17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 5 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Viacom Inc.
-----------------------------------------------------------------
I.R.S Identification No. 04-2949533
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See
Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 6 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
NAIRI, Inc.
-----------------------------------------------------------------
I.R.S Identification No. 04-3446887
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See
Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting
Person
17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 7 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
National Amusements, Inc.
-----------------------------------------------------------------
I.R.S Identification No. 04-2261332
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See
Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization Maryland
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 8 of 10 Pages
CUSIP No. 961-815-10-7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sumner M. Redstone
-----------------------------------------------------------------
S.S. No.
-----------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See
Instructions)
/ / (a)
-----------------------------------------------------------------
/ / (b)
-----------------------------------------------------------------
(3) SEC Use Only
-----------------------------------------------------------------
(4) Sources of Funds (See Instructions) N/A
-----------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).
-----------------------------------------------------------------
(6) Citizenship or Place of Organization United States
-----------------------------------------------------------------
Number of (7) Sole Voting Power
Shares ----------------------------------------
Beneficially (8) Shared Voting Power 17,000,000*
Owned by ----------------------------------------
Each (9) Sole Dispositive Power
Reporting ----------------------------------------
Person (10) Shared Dispositive Power 17,000,000*
With
-----------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
17,000,000*
-----------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
-----------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 15.8%
-----------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) IN
-----------------------------------------------------------------
* Includes 1,000,000 shares underlying currently exercisable
warrants.
Page 9 of 10 Pages
Item 1. Security and Issuer.
--------------------
This Amendment No. 2 (the "Amendment") is filed by
Infinity Network Inc. ("INI"), Infinity Media Corporation
("IMC"), Infinity Broadcasting Corporation ("IBC" or "Infinity"),
Viacom Inc. ("Viacom"), NAIRI, Inc. ("NAIRI"), National
Amusements, Inc. ("NAI") and Mr. Sumner M. Redstone ("Mr.
Redstone") (collectively, the "Reporting Persons") and amends and
supplements the Statement on Schedule 13D originally filed with
the Securities and Exchange Commission ("SEC") on May 15, 2000,
as amended by Amendment No. 1 filed with the SEC on March 28,
2002, with respect to the Common Stock, par value $.01 per share
(the "Common Shares"), of Westwood One, Inc., a Delaware
corporation ("Westwood" or the "Issuer") with its principal
executive office located at 40 West 57th Street, New York, N.Y.
10019.
Item 4. Interest in Securities of the Issuer.
-------------------------------------
Item 4 is amended as follows:
"On April 15, 2002, Infinity and the Issuer entered
into a letter agreement (the "Letter Agreement") which, subject
to Issuer's shareholder authorization, extends the terms of, and
makes other changes to, the following agreements between the
Issuer and Infinity, each dated March 30, 1999: (i) the
Management Agreement, (ii) the Registration Rights Agreement,
(iii) the Amended and Restated Representation Agreement, (iv) the
Trademark License Agreement, and (v) the News Programming
Agreement. The amended Management Agreement, among other things,
provides for the issuance of warrants to Infinity to acquire up
to 4,500,000 shares of the Issuer's Common Stock at exercise
prices to be determined at future dates and subject to specified
performance-based thresholds.
"The Reporting Persons have no current plan or proposal
which relates to, or would result in, any of the actions
enumerated in subparagraphs (a) through (j) of Item 4 of Schedule
13D, other than as set forth herein; however, the Reporting
Persons may, at any time and from time to time, purchase
additional Common Shares of the Issuer and may dispose of any and
all Common Shares of the Issuer held by them."
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
-------------------------------------------------------
Item 6 is amended as follows:
"Except as described in Item 4 above, none of the
Reporting Persons have entered into or amended any existing
agreement with respect to the Common Shares or other securities
of the Issuer since the prior statements on Schedule 13D, or
amendments thereto, that were filed by certain of the Reporting
Persons and any predecessor thereof.
"The information set forth under Item 4 above is
incorporated by reference."
Item 7. Material to be Filed as Exhibits.
---------------------------------
Exhibit 1 Letter Agreement, dated as of April 15, 2002, between
Westwood One, Inc. and Infinity Broadcasting
Corporation, including the forms of warrant agreements
attached thereto, are hereby incorporated by reference
to Annex A to Issuer's Preliminary Proxy Statement
filed with the Securities and Exchange Commission on
April 15, 2002.
Page 10 of 10 Pages
Signatures
------------
After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this
statement is true, complete and correct. Pursuant to Rule 13d-
1(k)(1), each of the undersigned agrees that this statement is
filed on behalf of each of us.
April 16, 2002
Infinity Network, Inc.
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President
Infinity Media Corporation
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President
Infinity Broadcasting Corporation
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President
Viacom Inc.
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President,
General Counsel and
Secretary
NAIRI, Inc.
By: /s/ Sumner M. Redstone
----------------------
Sumner M. Redstone
Chairman and President
National Amusements, Inc.
By: /s/ Sumner M. Redstone
----------------------
Sumner M. Redstone
Chairman and Chief
Executive Officer
/s/ Sumner M. Redstone
----------------------
Sumner M. Redstone
Individually
Exhibit to Amendment No. 2 to Schedule 13D
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule
13D, dated May 15, 2000 (the "Schedule 13D"), with respect to the
Common Stock, par value $0.01 per share, of Westwood One, Inc.
is, and any amendments executed by us shall be, filed on behalf
of each of us pursuant to and in accordance with the provisions
of Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, and that this Agreement shall be included as an exhibit
to the Schedule 13D and each such amendment. Each of the
undersigned agrees to be responsible for the timely filing of the
Schedule 13D and any amendments thereto, and for the completeness
and accuracy of the information concerning itself contained
therein. This agreement may be executed in any number of
counterparts, all of which taken together shall constitute one
and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the 28th day of March, 2002.
Infinity Network, Inc.
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President
Infinity Media Corporation
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President
Infinity Broadcasting Corporation
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President
Viacom Inc.
By: /s/ Michael D. Fricklas
-----------------------
Michael D. Fricklas
Executive Vice President,
General Counsel and
Secretary
NAIRI, Inc.
By: /s/ Sumner M. Redstone
----------------------
Sumner M. Redstone
Chairman and President
National Amusements, Inc.
By: /s/ Sumner M. Redstone
----------------------
Sumner M. Redstone
Chairman and Chief
Executive Officer
/s/ Sumner M. Redstone
----------------------
Sumner M. Redstone
Individually