Regent Strikes Deal with Riley, Wyant Named Chairman

RADIO ONLINE | , , | :am CT

Regent Communications has struck a deal with Riley Investment Management and Riley Investment Partners, where Riley agreed to not commence any proxy fight or to seek a change in the composition of Regent's Board through December 31. The company agreed to reduce the size of the board to six and that John H. Wyant, a current board member, would be appointed Chairman.

The company and Riley also agreed that, unless approved by a majority of the board including the approval of at least one of Riley's designees then serving as a director, Regent's bylaws will not be amended with respect to calling a special meeting of stockholders until at least two months after no designees of Riley serve on the company's board.

Wyant succeeds William P. Sutter, Jr., who resigns as a director and as chairman of the board.