Westwood closed one chapter with CBS and will open another. While the Westwood One - CBS Radio distribution arrangement will continue through March, 2017, the management agreement between the two companies comes to an end. The company says it best: "Going forward, WW1 will manage its business directly and separately from CBS Radio." Westwood also announced they will sell 7,142,857 shares of stock for $12.5 million to the Gores Group as a part of the group's potential $100 million equity investment in Westwood One. Along with the stock purchase, Westwood will increase the size of its Board of Directors to 11, of whom 3 will be elected by Gores.