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Section 1 Registrant’s Business and Operations

The information in Item 5.02(e) of this Current Report on Form 8-K is hereby incorporated by reference into this Item 1.01.

(a) Effective August 31, 2010, Norman J. Pattiz (“Pattiz”) resigned as Chairman of the Board of Directors (“Board”) of Westwood One, Inc. (the “Company” or “Westwood”). In connection therewith, on August 27, 2010, Pattiz and the Company entered into an Agreement for Termination of Employment Agreement to terminate Pattiz’s employment agreement, made as of April 29, 1998 (as subsequently amended to date), effective August 31, 2010. Pattiz became Chairman Emeritus and Mark Stone, the Company’s Vice-Chairman of the Board, became Chairman of the Board, effective on August 31, 2010. Pattiz agreed to provide consulting services to the Company as described in more detail below. A copy of the Company’s employment agreement with Pattiz was previously filed with the SEC.

Section 5 Corporate Governance and Management

(b) As described above, effective August 31, 2010, Norman J. Pattiz resigned as Chairman of the Board and as a director of the Company.

(e) On August 27, 2010, the Company entered into a consulting agreement (“Consulting Agreement”) with Courtside LLC (“Courtside”) for the personal services of Pattiz, such agreement to be effective for one year beginning on September 1, 2010 and ending on August 31, 2010. Pursuant to such agreement, Courtside will provide Pattiz’s consulting services to the Company at an annual fee of $340,000 (payable in monthly installments), which term may be renewed for an additional one-year term upon the mutual agreement of the parties. The Consulting Agreement is terminable by either party upon thirty (30) days’ notice. As part of such agreement, for the term thereof, the Company will continue to provide to Pattiz, office accommodations and an assistant in the Company’s Culver City office, reimbursement for reasonable and customary business expenses and will also pay directly the cost of continued group health benefits pursuant to COBRA for Pattiz. If either: (1) the Consulting Agreement terminates on August 31, 2011 and the Company decides not to renew the Consulting Agreement or (2) if the Company decides to terminate the Consulting Agreement prior to August 31, 2011, the Consulting Agreement will terminate, however, in such event, the Company will continue to engage Pattiz as a consultant through February 28, 2013, or such earlier time as Pattiz voluntarily terminates his services (such period, the “Continued Engagement Period”). During the Continued Engagement Period, no compensation or benefits will be paid by the Company to Pattiz, however, any outstanding stock options issued to Pattiz will continue to vest, subject to the terms of the stock option agreements and the Company’s 2010 Equity Compensation Plan.