UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No. 4
Westwood One, Inc.
-------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 par value
-------------------------------------------------------------------------------
(Title of Class of Securities)
961815107
--------------------------------------------
(CUSIP Number)
December 31, 2003
-------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
Page 1 of 10 pages
-----------------------
CUSIP No. 961815107 13G
-----------------------
------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of above Person
Goldman Sachs Asset Management, L.P.
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [_]
(b) [_]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
------------------------------------------------------------------------------
5. Sole Voting Power
Number of 4,625,953
Shares ----------------------------------------------------------
6. Shared Voting Power
Beneficially
888,900
Owned by
----------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 5,382,743
Person ----------------------------------------------------------
8. Shared Dispositive Power
With:
888,900
------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,271,643
------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
6.3%
------------------------------------------------------------------------------
12. Type of Reporting Person
IA
------------------------------------------------------------------------------
Page 2 of 10 pages
-----------------------
CUSIP No. 961815107 13G
-----------------------
------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of above Person
Goldman Sachs 1998 Exchange Place Fund, L.P.
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [_]
(b) [_]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares ----------------------------------------------------------
6. Shared Voting Power
Beneficially
469,999
Owned by
----------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
Person ----------------------------------------------------------
8. Shared Dispositive Power
With:
469,999
------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
469,999
------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0.5%
------------------------------------------------------------------------------
12. Type of Reporting Person
PN
------------------------------------------------------------------------------
Page 3 of 10 pages
-----------------------
CUSIP No. 961815107 13G
-----------------------
------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of above Person
Goldman Sachs 1997 Exchange Place Fund, L.P.
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [_]
(b) [_]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares ----------------------------------------------------------
6. Shared Voting Power
Beneficially
418,901
Owned by
----------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
Person ----------------------------------------------------------
8. Shared Dispositive Power
With:
418,901
------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
418,901
------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0.4%
------------------------------------------------------------------------------
12. Type of Reporting Person
PN
------------------------------------------------------------------------------
Page 4 of 10 pages
-----------------------
CUSIP No. 961815107 13G
-----------------------
------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of above Person
Goldman Sachs Management Partners, L.P.
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [_]
(b) [_]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares ----------------------------------------------------------
6. Shared Voting Power
Beneficially
888,900
Owned by
----------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
Person ----------------------------------------------------------
8. Shared Dispositive Power
With:
888,900
------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
888,900
------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0.9%
------------------------------------------------------------------------------
12. Type of Reporting Person
PN
------------------------------------------------------------------------------
Page 5 of 10 pages
Item 2(a). Name of Persons Filing:
Goldman Sachs Asset Management, L.P., Goldman Sachs 1998
Exchange Place Fund, L.P., Goldman Sachs 1997 Exchange Place
Fund, L.P. and Goldman Sachs Management Partners, L.P.
Item 2(b). Address of Principal Business Office or, if none, Residence:
Goldman Sachs 1998 Exchange Place Fund, L.P., Goldman Sachs
1997 Exchange Place Fund, L.P. and Goldman Sachs Management
Partners, L.P. -
85 Broad Street
New York, NY 10004
Goldman Sachs Asset Management, L.P. -
32 Old Slip
New York, NY 10005
Item 2(c). Citizenship:
Goldman Sachs Asset Management, L.P. - Delaware
Goldman Sachs 1998 Exchange Place Fund, L.P.- Delaware
Goldman Sachs 1997 Exchange Place Fund, L.P.- Delaware
Goldman Sachs Management Partners, L.P. - Delaware
Item 4. Ownership.(1)(2)
(a). Amount beneficially owned:
See the response(s) to Item 9 on the attached cover page(s).
(b). Percent of Class:
See the response(s) to Item 11 on the attached cover page(s).
(c). Number of shares as to which such person has:
(i). Sole power to vote or to direct the vote: See the
response(s) to Item 5 on the attached cover page(s).
(ii). Shared power to vote or to direct the vote: See the
response(s) to Item 6 on the attached cover page(s).
(iii). Sole power to dispose or to direct the disposition
of: See the response(s) to Item 7 on the attached
cover page(s).
(iv). Shared power to dispose or to direct the disposition
of: See the response(s) to Item 8 on the attached
cover page(s).
Item 10. Certification.
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
not acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction
having that purpose or effect.
--------------------------
(1) In accordance with Securities and Exchange Commission ("SEC") Release
No. 34-39538 (January 12, 1998), this filing reflects the securities
beneficially owned by Goldman Sachs Asset Management, L.P. ("GSAM LP"). GSAM LP,
an investment advisor, disclaims beneficial ownership of any securities managed,
on GSAM LP's behalf, by third parties.
(2) This statement amends the statement on Schedule 13G as most recently
amended by Amendment No. 3 thereto filed with the SEC on February 12, 2003 by
Goldman Sachs Asset Management ("GSAM"), a separate business unit of The Goldman
Sachs Group, Inc. Beginning on or about April 26, 2003, GSAM LP assumed all, or
substantially all of the rights and responsibilities of GSAM under the terms of
its advisory agreements. The full assumption is expected to be completed by the
close of the first quarter of 2004.
Page 6 of 10 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in
this statement is true, complete and correct.
Date: February 13, 2004
GOLDMAN SACHS ASSET MANAGEMENT, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN SACHS 1998 EXCHANGE PLACE FUND, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN SACHS 1997 EXCHANGE PLACE FUND, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN SACHS MANAGEMENT PARTNERS, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
Page 7 of 10 pages
INDEX TO EXHIBITS
Exhibit No. Exhibit
----------- -------
99.1 Joint Filing Agreement, dated February 13, 2004, between Goldman
Sachs Asset Management, L.P., Goldman Sachs 1998 Exchange Place
Fund, L.P., Goldman Sachs 1997 Exchange Place Fund, L.P. and
Goldman Sachs Management Partners, L.P.
99.2 Power of Attorney, dated November 19, 2003, relating to Goldman
Sachs Asset Management, L.P.
Page 8 of 10 pages
Exhibit (99.1)
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, the undersigned agree to the joint filing of a Statement
on Schedule 13G (including any and all amendments thereto) with respect to the
Common Stock, $0.01 par value, of Westwood One, Inc., and further agree to the
filing of this agreement as an Exhibit thereto. In addition, each party to this
Agreement expressly authorizes each other party to this Agreement to file on its
behalf any and all amendments to such Statement on Schedule 13G.
Date: February 13, 2004
GOLDMAN SACHS ASSET MANAGEMENT, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN SACHS 1998 EXCHANGE PLACE FUND, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN SACHS 1997 EXCHANGE PLACE FUND, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN SACHS MANAGEMENT PARTNERS, L.P.
By: /s/ Roger S. Begelman
----------------------------------------
Name: Roger S. Begelman
Title: Attorney-in-fact
Page 9 of 10 pages
Exhibit (99.2)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS that GOLDMAN SACHS ASSET MANAGEMENT,
L.P. (the "Company") does hereby make, constitute and appoint each of Roger S.
Begelman, Edward T. Joel, Saskia Brookfield Martin and Ted Chang, (and any other
employee of The Goldman Sachs Group, Inc. or one of its affiliates designated in
writing by one of the attorneys-in-fact), acting individually, its true and
lawful attorney, to execute and deliver in its name and on its behalf whether
the Company is acting individually or as representative of others, any and all
filings required to be made by the Company under the Securities Exchange Act of
1934, (as amended, the "Act"), with respect to securities which may be deemed to
be beneficially owned by the Company under the Act, giving and granting unto
each said attorney-in-fact power and authority to act in the premises as fully
and to all intents and purposes as the Company might or could do if personally
present by one of its authorized signatories, hereby ratifying and confirming
all that said attorney-in-fact shall lawfully do or cause to be done by virtue
hereof.
THIS POWER OF ATTORNEY shall remain in full force and effect until either
revoked in writing by the undersigned or until such time as the person or
persons to whom power of attorney has been hereby granted cease(s) to be an
employee of The Goldman Sachs Group, Inc. or one of its affiliates.
IN WITNESS WHEREOF, the undersigned has duly subscribed these presents as
of November 19th, 2003.
GOLDMAN SACHS ASSET MANAGEMENT, L.P.
By:/s/ Howard Surloff
----------------------------
Name: Howard Surloff
Title: Managing Director
Page 10 of 10 pages