Update: Westwood One Buys California Traffic Info Service SigAlert For Up to $4 Million

Sigalert

This is one is very close to home for SoCal residents (and for a very recently uprooted one too…that is me): SigAlert, the online, mobile and radio traffic service, has been acquired by Westwood One, the radio network company. Financial terms were not disclosed. Westwood One will use this to expand its own metro traffic service, for its radio, TV, and digital affiliates; from its current eight markets, SigAlert will be expanded in 65 by end of 2010, it said. Sigalert was launched in 1998 by its co-founders, Jonathan Berke and Joel Johnstone, who will now work for WO. It also has a location-aware iPhone app, but its website is in need of a serious overhaul into the 21st century. More info here.

Update: The price was disclosed in an SEC filing by Westwood One: It is up to $4 million which breaks down like this: 232,277 shares of its common stock, valued at about $1.25 million, and paid an additional $1.25 million in cash; also and additional $1.5 million could be earned upon “the delivery and acceptance of certain traffic products in accordance with certain specifications mutually agreed upon by the parties, including commercial acceptance and/or first usage of the products by the Company

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