Forbes  Apr 13  Comment 
Norm Pattiz founded radio giant Westwood one and turned it into a $4 billion company. Now he's dialing up the same formula for podcasting.
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Forbes  Sep 4  Comment 
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Forbes  Aug 26  Comment 
Radio remains a paramount purveyor of news and information, and its influence remains undiminished despite the surge of online media outlets and diverse Internet services.
New York Times  Aug 1  Comment 
The stock-for-stock deal will combine Westwood One, which is owned by the Gores Group, and Dial Global, a portfolio company of Oaktree Capital Management.
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StreetInsider.com  Sep 7  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Management+Changes/Westwood+One+%28WWON%29+Announces+Resignation+of+Gary+Schonfeld/5949910.html for the full story.


Westwood One operates two businesses, both terrestrial radio based. The traffic division provides customized news and traffic reports, and earns revenues on the short, announcer-read ad spots embedded during these reports. The network division provides longer events such as sports which are then sent to member stations around the country.

Business and Financials

Revenues have been falling for the last 4 years, at nearly double digit rates. The ad businesses is brutally competitive, and Westwood faces stiff competition not only from other terrestrial radio operators like Clear Channel, but also from new media such as satellite radio and the internet. Terrestrial radio's decline as an entertainment medium has also sent ad prices falling.

They also have a huge debt load. At 330 million, this is almost 3 times the company's market cap! Coverage ratio is barely 3x earnings. There is very little wiggle room if revenues continue to decline, which is unfortunately the most likely scenario.


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