Event Brief of Q3 2008 Westwood One Earnings Conference Call - Final.(Broadcast transcript)

PARTICIPANTS

. David Hillman, Westwood One, CAO . Ron Sherwood, Westwood One, President, CFO . Julie Laing, ABN AMRO, Analyst

OVERVIEW

WON reported 3Q08 revenue of $96.3m and net loss of less than $0.01m or less than $0.01 per share.

FINANCIAL DATA

A. Key Data From Call 1. 3Q08 revenue = $96.3m. 2. 3Q08 net loss = less than $0.01m. 3. 3Q08 net loss per share = less than $0.01. 4. 3Q08 adjusted EBITDA = $8.1m. 5. Cash and marketable securities at 09/30/08 = $3.6m.

PRESENTATION SUMMARY

S1. 3Q08 Business Review (R.S.) 1. Highlights: 1. Roderick Sherwood joined as CFO in Sept. 2008 and assumed additional title of President in Oct. 2. WON is well known and respected brand in media business. 1. It's been serving radio companies and stations for many years with best programming and traffic information in business. 2. Building an enduring media brand is not easy. 1. Needs high quality products delivered consistently to customers. 3. Has met those standards over time despite changing economic conditions and fluctuations in media business. 4. Will do so in future. 3. Today, Co. must navigate through one of most challenging economic environments in recent history. 1. Like other media companies, WON is feeling impact of advertisers cutting their budgets or waiting longer to commit their dollars. 2. Like other media companies, WON has responded quickly to these conditions by re-engineering its business to operate more efficiently and reducing costs. 3. But unlike some other media companies, WON stands to weather economic downturn and come out stronger on other side. 4. Has three-pronged business strategy to improve recent financial performance. 1. Has gained traction on many fronts. 2. Strategy is based on: 1. Growing topline revenue. 2. Continuing to reduce OpEx. 3. Restructuring or refinancing debt. 2. Efforts To Grow Topline Revenue: 1. Leveraging strength and competitive leadership of core businesses to drive sales performance. 1. Results today are encouraging. 2. Is only one of top-three network groups to achieve audience share gains in core demographics of Adults 25 through 54 and Adults 18 through 49 in last two RADAR reports. 1. These gains are results of actions taken to build more effective advertising platform for clients and affiliates. 3. Increased clearances from several radio groups helped fuel this audience growth. 1. Increasing deliveries of inventory from Emmis Radio strengthened WON audience delivery across female and youth networks. 2. Other radio groups like Beasley, Greater Media, and Inner City Broadcasting increased with WON improving audience across several networks. 3. CBS Radio stations increased clearance levels of 93.7% have delivered higher top-market …