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WESTWOOD ONE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


     
      Year Ended December 31
1999
1998
1997
CASH FLOW FROM OPERATING ACTIVITIES:      

Net income

$23,887
$13,046
$25,496

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

30,214
18,409
13,031

Deferred taxes

21,463
8,496
-

Other
314
315
320
 
75,878
40,266
38,847
--------------
--------------
--------------

Changes in assets and liabilities:

Increase in accounts receivable

(26,271)
(7,637)
(26,440)

Decrease (increase) in prepaid assets

(1,978)
1,104
(3,006)

Increase in accounts payable and accrued liabilities
6,708
8,982
10,530
--------------
--------------
--------------
Net Cash Provided By Operating Activities
54,337
42,715
19,931
--------------
--------------
--------------
CASH FLOW FROM INVESTING ACTIVITIES:

Acquisition of companies and other (Metro in 1999; Shadow Traffic in 1998 and CBS Radio Networks in 1997)
6,105
(30,987)
(13,839)

Capital expenditures

(6,084)
(1,945)
(1,711)
--------------
--------------
--------------

Net Cash Provided By (Used For) Investing Activities

21
(32,932)
(15,550)
--------------
--------------
--------------

CASH PROVIDED BEFORE FINANCING ACTIVITIES
54,358
9,783
4,381
--------------
--------------
--------------
CASH FLOW FROM FINANCING ACTIVITIES:

Debt repayments and payments of capital lease obligations

(14,973)
(2,758)
-

Borrowings under bank and other long-term obligations

-
55,000
8,862

Issuance of common stock

22,856
3,199
36,299

Repurchase of common stock and warrants

(54,164)
(65,438)
(49,434)
--------------
--------------
--------------

NET CASH (USED FOR) FINANCING ACTIVITIES

(46,281)
(9,997)
(4,273)
--------------
--------------
--------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
8,077
(214)
108
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
2,549
2,763
2,655
--------------
--------------
--------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$10,626
$ 2,549
$ 2,763
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See accompanying notes to consolidated financial statements.