- Revenue of $96.3 million and Adjusted EBITDA of $8.1 million for Third Quarter – - Company positioned for profitable growth – - Company Records $10.6 million Restructuring Charge – - Audience share growing in key demos -
Westwood One, a provider of analog and digital media content, including news, sports, entertainment, traffic, weather, video news services and other information, to the radio, TV and on-line sectors, today reported its operating results for its third quarter ended September 30, 2008. “2008 was the year of developing and implementing a turnaround plan for Westwood One,” said Rod Sherwood, Westwood One’s President and CFO. “The actions are beginning to produce increasing traction and momentum despite the soft economic environment. We are taking aggressive steps to drive revenue improvement initiatives, reduce costs and restructure our debt to give the Company increased financial flexibility going forward.” Third Quarter 2008 Results Revenue for the third quarter of 2008 was $96.3 million compared to $108.1 million in the third quarter of 2007, a decrease of 10.9%. The decrease is primarily due to the soft economy in the third quarter, which particularly impacted local advertising. Local/Regional revenue declined 16.6%, primarily driven by reduced advertising spending in the automotive, banking and financial services and real estate categories. National revenue declined 4.3% due to lower advertiser demand .
