WW1: We 'Successully Executed' 'Re-Engineering' Cuts
October 8, 2008 at 6:15 AM (PT)
WESTWOOD ONE TODAY announced that on OCTOBER 6th, the Company successfully executed the most recent phase of the re-engineering program for its traffic division that was begun in SEPTEMBER (NET NEWS 9/12 and NET NEWS 9/19). WESTWOOD ONE claims this re-engineering allows them to provide a superior traffic product to the same number of markets more efficiently, in part by leveraging new digital technologies to provide improved traffic reports with enhanced speed and flow information.
Once completed, the re-engineering program will result in a total cost savings of $25 to 30 million, which includes $4-5 million of savings in 2008 and an incremental $20-23 million in 2009.
Additionally, WESTWOOD ONE announced Company management has just completed a national investor roadshow. As part of the roadshow, management expressed its view that recent revenue initiatives are beginning to gain traction and should have a positive impact on 2009 results as significantly improved clearance levels by CBS RADIO stations are credited in ratings books. A copy of the roadshow presentation is available on the Company’s website, www.westwoodone.com.