Westwood One Reports 2.1% Dip In Q1 Revenue
May 16, 2011 at 5:04 PM (PT)
As WESTWOOD ONE's sale of METRO TRAFFIC business reduced its outstanding senior debt by approximately $104.0 million, the Company report a revenue decrease of 2.1% to $90.9 million in Q1 2011. The revenue decrease in Network Radio, was attributed to the absence in 2011 of the Winter Olympics, which contributed significantly to first quarter 2010 Network radio revenue, a decline in news revenue, and the compressed selling period for the NCAA Men’s Basketball Championship.
Offsetting those declines were by revenue increases in Network music and entertainment, and certain news and talk programs including The OSGOOD File with CHARLES OSGOOD. The revenue decrease was also partially offset by increased METRO TRAFFIC revenue.
"We are focused on expanding our Network radio and digital business by launching new radio programs and digital video content, expanding distribution of our current programs, and supporting our revenue structure with the necessary resources," Pres. ROD SHERWOOD said. "We are well positioned in the marketplace. Our new talk programs, including the ROBERT WUHL SHOW and URBANSKI, are generating increasing revenue and gaining distribution. In APRIL, we launched new programs, including The Daily Wrap, in partnership with The WALL STREET JOURNAL, ROCSI on the Radio, with ROCSI DIAZ, and a suite of RICK DEES programming."