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Business Description
Westwood One, Inc. supplies radio and television stations with information services and programming. The Company provides traffic reporting services, as well as produces and distributes national news, sports, talk, music and special event programs, in addition to local news, sports, weather, video news and other information programming. Westwood One obtains the commercial airtime it sells to advertisers from radio and television affiliates in exchange for the programming it provides to them and in some cases, for cash compensation. The Company provides local traffic and information broadcast reports in over 95 Metro Survey Area markets in the United States. Westwood One also offers radio stations traditional news services such as CBS Radio news and CNN Radio news, seven 24-hour satellite-delivered continuous play music formats (24/7 Formats) and news/entertainment features and programs.

Financial Information
For the nine months ended 9/30/04, net revenues rose 4% to $410.6 million. Net income fell 4% to $65.9 million. Results reflect exclusive broadcast of the 2004 Summer Olympic games, offset by higher amortization, programming and corporate costs.