72 Layoffs At Westwood One/Metro-Shadow Traffic
July 27, 2006 at 1:55 PM (PT)
A very tough day as ALL ACCESS has learned that there were 72 layoffs announced today at WESTWOOD ONE and METRO-SHADOW TRAFFIC.
A memo from WW1 President & CEO PETER KOSAN reads:
Earlier today WESTWOOD ONE notified a number of our colleagues of their separation from the Company. This action is part of several steps our Company will take -- and must take -- to increase productivity and improve the utilization of all our resources.
As part of this initiative, we have also begun a process of evaluating how best to provide services to METRO NETWORKS affiliates in small markets -- generally markets in DMA’s 60+. Our plan is to continue to provide quality services to our affiliates in these markets, while reducing local operating costs.
Beyond those employees notified today and those working in the markets we identified earlier, we do not anticipate further changes that will affect our employee base.
The advertising marketplace has proven to be both challenging and ever evolving. That said, given our position as a "pure-play”"content company, Westwood One is uniquely qualified to capitalize on distribution opportunities within radio and television, as well as new platforms across emerging media. The decision impacting our Company today does not -- and cannot -- diminish our resolve, focus, and vision for continuing to push WESTWOOD ONE forward.
We have outlined three areas of focus for the future:
a. Retain and expand our roster of unique, compelling, foreground radio content with an emphasis on major market distribution.
b. Launch new media products to super-serve our core radio and television affiliate base for their websites and HD channels.
c. Extend distribution of our content beyond broadcast.
Additionally, in the coming months ahead, we expect to grow and enhance our digital media products in an effort to serve our affiliates, advertisers, and listeners with more robust opportunities to interact with our tremendous content platform. These new products, coupled with our continued investments in major-market-distribution and broadcast content, will lay the groundwork for improved growth.
As we continue to face the immediate challenges in the industry, please know that your continued hard-work, focus and passion is truly appreciated. Today’s announcement has not been easy, but with your support and understanding we can -- and will -- ensure our future success.