To Westwood One Shareholders:

It is a pleasure to report that 2000 was an outstanding year for your company, with record growth achieved in all key areas of our operations. Net revenues for 2000 were $553.7 million compared with $358.3 million for 1999, an increase of $195.4 million, or 55%. Operating cash flow (defined as operating income plus depreciation and amortization) rose 82% to $165.6 million from $91.0 million in 1999. Net income increased 77% to $42.3 million, up $18.4 million from $23.9 million in 1999. Finally, and most importantly, free cash flow (defined as net income plus depreciation and amortization less capital expenditures) nearly doubled to $95.2 million in 2000 from $48.0 million in 1999, an increase of $47.2 million, or 98%. We believe free cash flow is the most important measure of the Company's performance as it represents the amount of money generated by the Company's operations for building shareholder value.

All of the Company's operations contributed to these excellent results, which were driven by advertising revenue growth, synergies from the acquisition of Metro Networks, Inc. ("Metro") and cost controls.

Here are some of the year's highlights:

•	We successfully completed the integration of Metro with our Shadow Traffic operations, achieving significant operating efficiencies while enhancing the quality of our service provided to radio and television affiliates nationwide;
•	We launched several new products and programs including On Cue, a real-time text-based news service for television affiliates, Troubleshooter Tom Martino, The John Madden Sports Quiz, Madden on the Road, WWF, Mick Fleetwood's Classics, and Nothing Sacred;
•	We extended and built upon our long-term programming relationship with Viacom, renewing for three years our partnership to provide expanded programming for the MTV Radio Network affiliates and debuting the VH-1 Radio Network, offering Hot Adult Contemporary and Rock affiliates exclusive access to show prep, audio cuts, news and information from VH-1;
•	We presented exclusive radio coverage of the 2000 Summer Olympic Games in Sydney, Australia;
•	We brought to radio the most spectacular special event programming of 2000, including coverage of The GRAMMY Awards, the Latin GRAMMY Awards, the Super Bowl, Sting - Live from Central Park, NHL Stanley Cup Finals, NCAA Final Four, Masters Golf and more;
•	We provided radio stations with up to the minute coverage of the Presidential primaries and election, including expanded coverage of the unprecedented 35 day wait for the election results;
•	We renewed key agreements with CNN Radio for CNN news for an additional five years, the GRAMMYs for an additional three years and askMartha, a daily feature with Martha Stewart, for an additional 3 years; and
•	We repurchased over $123.4 million of our Common Stock and increased the size of our authorized stock repurchase program by $200 million.

Of all the media choices, Westwood One operates in the segment most popular with consumers and cost effective for advertisers - radio. Radio is the medium of choice for advertisers seeking to reach consumers because two-thirds of listening takes place outside the home - in vehicles or at work. Westwood One provides radio stations, their listeners and our advertisers with some of the most exclusive programming vehicles on radio.

Through its Metro Networks and Shadow Broadcasting operating divisions, the Company provides radio and television stations and their listeners and viewers with the most comprehensive and up to the minute traffic and news information. The Company's network division supplies radio stations with national news programming through CBS Radio news, CNN Radio news, Fox Radio news, NBC radio news, Marketwatch.com and news features with Charles Osgood and Dan Rather. The division provides thousands of radio stations with 24 hour programming seven days a week. The network division is also one of the largest suppliers of sports programming to radio stations bringing radio stations and their listeners NFL football including the Super Bowl, Notre Dame football, NCAA football and basketball games, NHL playoff and Stanley Cup games, Masters and US Open golf coverage, HBO boxing, WWF, Wimbledon and exclusive coverage of the Olympic games not to mention great sports talk programs including those featuring John Madden and Boomer Esiason. Westwood One's network division produces and distributes some of the most stimulating, provocative and creative talk programs on radio including such talent as Don Imus, G Gordon Liddy, Tom Leykis, David Letterman, and Larry King. The Company's network division produces and distributes more concert and entertainment programs than anyone else in radio - and when it comes to special events Westwood One is unmatched, providing radio with the biggest and most exclusive events including The GRAMMYs, the Latin GRAMMYs, Sting Live from Central Park, 'NSYNC Live from Madison Square Garden, and MTV and VH-1 events.

In 2000, Westwood One solidified its position as the predominant supplier of customized, local traffic and news information to both radio and television stations. We continue to grow every aspect of our traffic and information business, expanding our radio operations in 2000 to include Raleigh/Durham and Greensboro, North Carolina, Greenville, South Carolina and Lexington, Kentucky. We now operate in nearly 90 markets nationally. We also increased the number of television stations we serve, bringing the number of affiliates to nearly 200. We take pride in providing our affiliates with the best information possible. As an example, in 2000 we were the first news organization to provide television affiliates in Miami and across the country with live airborne video coverage of the Elian Gonzalez story from our helicopter. Via Metro Source, our satellite delivered news and information system, we were also able to leverage our live TV news content and bring firsthand coverage to many of our radio station affiliates.

We continue to focus on developing new distribution platforms for our traffic information - maximizing our revenue generating opportunities. These new opportunities include providing the information to wireless devices and through the Internet. As an example, we recently entered into an arrangement with GM's On-Star unit to provide them with our traffic information direct to all vehicles equipped with the On-Star service. We also sell our information to Internet service providers including AOL's Digital City and the largest wireless phone companies including AT&T, Sprint, Verizon and VoiceStream. Our recent acquisition of SmartRoute Systems and their SmartTraveler brand name, positions us as the largest organization to operate, collect, organize and distribute a database of advanced traveler information for governmental agencies through electronic media and telecommunications.

No single company delivers a greater number of programming choices to radio audiences across America than Westwood One. Our ability to deliver the best news, sports, talk and music programming to the most is the cornerstone of our extraordinary popularity with listeners, radio stations and national advertisers.

Throughout 2000, our news networks - CBS Radio News, CNN Radio News, Fox Radio News, NBC Radio News and Marketwatch.com - provide our affiliates worldwide with more exclusive and breaking stories than any of the competition. The scope of these reports was matched only by their quality. In 2000, Westwood One was recognized by such prestigious organizations as the Radio Television News Directors Association ("RTNDA"), which bestowed upon us its highest honor, the Edward R. Murrow Award for Overall Excellence in Network Radio. Accolades from the RTNDA also went to CBS Radio News, which received four Murrow Awards for Best Sports News, Best Continuing Coverage, Best Newscast and Best Use of Sound. Charles Osgood, host of Westwood One/CBS Radio's "The Osgood File", was also inducted into the Broadcasting and Cable Hall of Fame.

In the sports arena, Westwood One was again the winner with critics and fans. In September 2000, with our long-time partner CBS Radio Sports, we kicked-off another year of NFL football coverage - airing over 85 games including the playoff games, the AFC and NFC Championship games and Superbowl XXXV, which was carried by more than 500 stations and Armed Forces Radio. The addition of former All-Pro quarterback and 14-year NFL veteran Boomer Esiason to our acclaimed Monday Night Football team of Howard David and Matt Millen, helped power those broadcasts to an impressive 17% ratings increase during the 2000-2001 season. Westwood One also scored big in college athletics with its coverage of Notre Dame football, NCAA football and men's and women's NCAA Basketball Final Four Tournament. Other exclusive radio sports highlights of 2000 included the presentation of the 50th NHL All-Star game, live coverage of Vijay Singh's three shot victory at the 2000 Masters Tournament and Tiger Woods' historic victory at the 2000 US Open, live coverage of Wimbledon and our 16 day coverage of the 2000 Summer Olympic Games from Sydney, Australia. Additionally, in association with HBO, we presented monthly boxing events, including Lennox Lewis' Heavyweight Championship victory over Franz Botha live from London. We also partnered with Showtime to present Showtime Championship Boxing.

Westwood One continued in 2000 to bring the biggest and best events to radio. As the official GRAMMY Radio Network, in February 2000, we brought music fans worldwide, the most comprehensive coverage ever of music's biggest night, including programming and specials in nine different formats. Not only did over 150 U.S. radio stations carry our GRAMMY programming, but radio outlets in 20 countries worldwide also carried our programming. Other exclusive radio music highlights of 2000 included broadcasts of the Rock and Roll Hall of Fame Induction Ceremony in conjunction with VH-1; Sting Live in Central Park; 'NSYNC live from Madison Square Garden; the Latin GRAMMYs; and other concert performances including Reba McEntire, Alan Jackson and the Dixie Chicks.

Setting the stage for the future, Westwood One renewed key programming relationships including our exclusive radio ties with the GRAMMYs, CNN Radio, including Larry King, MTV and Martha Stewart. We also took important steps to enhance our very successful long-term relationship with Viacom by launching the VH-1 Radio Network, which includes VH-1 concerts and events and VH-1 Storytellers, and began negotiations to launch in 2001 MTV's Total Request Live for radio. We also added new programs to our line-up in 2000, including the national syndication of Troubleshooter Tom Martino, the US radio rights to the prestigious Wimbledon Tennis Championships, features with John Madden, WWF specials, Ron & Fez Dot Com, and Mick Fleetwood's Classics.

Westwood One is exceptionally well positioned to benefit from the unmatched strength of its vast number of programming formats and extensive distribution networks. We plan to continue to focus on growing revenues while controlling costs. While we were an early beneficiary of Internet advertising spending, we have moved aggressively to replace these advertisers. Moreover, we expect to realize business growth and operational efficiencies from the synergies and new alliances we have forged over the past year.

Westwood One offers a compelling group of on-air personalities that have demonstrated the power to reach the masses, and not only for the purpose of entertainment. Helping those in need has always remained a priority for Westwood One, our shareholders and our listeners. To that end, 2000 was a year of unprecedented generosity on the part of Westwood One at both the national and local level. As an example, Westwood One and all Imus in the Morning affiliates contribute annually to the WFAN 24-Hour Radiothon which has raised over $18 million for the CJ Foundation for SIDS, the Tomorrow's Children's Fund and the Imus Ranch since the first Radiothon in 1990. Other charitable organizations that are the beneficiaries of Westwood One's giving include:

•	Alzheimer's Association
•	American Red Cross Blood Services
•	The Boomer Esiason Foundation
•	Child Abuse Prevention
•	The Country Radio Broadcasters, a nonprofit organization that provides scholarships for needy students of broadcasting with revenues from projects which facilitate growth through sharing by Country Radio Stations.
•	End Hunger Network
•	The Epilepsy Foundation of America
•	The March of Dimes
•	Muscular Dystrophy Association
•	National Campaign Against Youth Violence
•	National Center for Victims of Crime
•	National Diabetes Education
•	National Kidney Foundation
•	National Osteoporosis Foundation
•	Partnership for a Drug-Free America

In closing, I would like to thank all our employees for their hard work and dedication, our Board of Directors and you, our shareholders, for your continued support.

JOEL HOLLANDER
President and Chief Executive Officer