WESTWOOD ONE, INC.
2002 FIRST QUARTER OPERATING RESULTS

RECORD FIRST QUARTER RESULTS
REVENUE UP 4%
OPERATING CASH FLOW UP 10%
FREE CASH FLOW UP 13%

New York, NY -- May 7, 2002 -- Westwood One, Inc. (NYSE: WON) today reported record revenue, operating cash flow, free cash flow and net income for the first quarter of 2002.

Net revenues for the first quarter of 2002 were $126,296,000 compared with $121,569,000 in the first quarter of 2001, an increase of approximately $4,727,000, or 4%. The increase in net revenues was principally related to the Company's exclusive radio broadcast of the Winter Olympics.

Operating cash flow (defined as operating income plus depreciation and amortization) for the first quarter of 2002 was a record $32,158,000 compared with $29,317,000 in the first quarter of 2001, an increase of approximately $2,841,000, or 10%. The increase was attributable to a reduction in affiliate compensation and personnel costs and tight cost controls as well as a profit from the Company's broadcast of the Winter Olympics.

Joel Hollander, President and Chief Executive Officer of Westwood One stated: "Westwood One was able to generate record operating results in a difficult advertising climate by focusing on developing new business and controlling overhead costs while simultaneously continuing to invest in new and innovative programming."

Depreciation and amortization expense in the first quarter of 2002 was $2,835,000 compared with $17,007,000 in the first quarter of 2001, a decrease of $14,172,000, or 83%. The decrease resulted primarily from the Company's required adoption of SFAS 142, which prohibits the Company from continuing to amortize goodwill.

Operating income increased 138% in the first quarter of 2002 to a record $29,323,000 from $12,310,000 in the first quarter of 2001. On a pro forma basis, assuming the Company had adopted the provisions of SFAS 142 on January 1, 2001, the Company's operating income would have increased approximately 23%.

Net interest expense decreased in the first quarter of 2002 to $1,723,000 from $2,743,000 in 2001 due to lower interest rates, partially offset by slightly higher borrowing levels.

Income tax expense in the first quarter of 2002 was $10,157,000 compared with $4,967,000 in the first quarter of 2001, an increase of approximately $5,190,000, or 104%. The Company's effective income tax rate in the first quarter of 2002 was 37% compared with 52% in the first quarter of 2001. Both the Company's reported income tax expense and effective tax rates were affected by the Company's adoption of SFAS 142. On a pro forma basis, assuming the Company had been applying the provisions of SFAS 142 as of January 1, 2001, income tax expense would have increased by approximately 30% and the Company's effective income tax rates would have been approximately 37% in both periods. Principally all of the 2002 income tax expense is non-cash as a result of tax deductions related to stock option exercises and warrant purchases.

Net income for the first quarter of 2002 was a record $17,443,000 ($.16 per basic and diluted share) compared with $4,600,000 ($.04 per basic and diluted share) in the first quarter of 2001, an increase of $12,843,000, or 279% (284% on a per share basis). On a pro forma basis, assuming the Company had been applying the provisions of SFAS 142 as of January 1, 2001, net income and net income per share would have increased by 31% and 32%, respectively.

Free cash flow (defined as net income plus depreciation and amortization less capital expenditures) increased 13% to a record $19,256,000 ($.17 per diluted share) compared with $17,020,000 ($.15 per diluted share) in the first quarter of 2001. The 2001 free cash flow was computed on a pro forma basis assuming the Company had adopted the provisions of SFAS142 as of January 1, 2001. Free cash flow per share increased 15% on a pro forma basis.

In the first quarter of 2002, the Company continued to repurchase its securities, buying-back approximately 2,213,000 shares of Common Stock and warrants for approximately $65,548,000.

2002 Outlook

Due to recent improvements in the advertising marketplace, the Company is raising its full year 2002 Operating Cash Flow and Free Cash Flow estimates to be approximately $185 million and $113 million, respectively and Free Cash Flow per share to increase approximately 15%. For the second quarter of 2002, revenues are expected to increase in the low to mid single digits and Operating Cash Flow and Free Cash Flow to increase double digits.

Westwood One provides over 150 news, sports, music, talk, entertainment programs, features, live events and 24/7 Formats. Through its subsidiaries, Metro Networks/Shadow Broadcast Services, Westwood One provides local content to the radio and TV industries including news, sports, weather, traffic, video news services and other information. SmartRoute Systems manages update information centers for state and local departments of transportation, and markets traffic and travel content to wireless, Internet, in-vehicle navigation systems and voice portal customers. Westwood One serves more than 7,500 radio stations. Westwood One, Inc. is managed by Infinity Broadcasting Corporation, a wholly-owned subsidiary of Viacom Inc.

Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases "guidance," "expect," "anticipate," "estimates" and "forecast" and similar words or expressions are intended to identify such forward-looking statements. In addition any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in economic conditions in the U.S. and in other countries in which Westwood One, Inc. currently does business (both general and relative to the advertising and entertainment industries); fluctuations in interest rates: changes in industry conditions; changes in operating performance; shifts in population and other demographics; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in governmental regulations and policies and actions of regulatory bodies; changes in tax rates; changes in capital expenditure requirements and access to capital markets. Other key risks are described in the Company's reports filed with the U.S. Securities and Exchange Commission. Except as otherwise state in this news announcement, Westwood One, Inc. does no undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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FOR IMMEDIATE RELEASE
Contact: Gary Yusko
(212) 641-2063