WESTWOOD ONE, INC.
2001 SECOND QUARTER OPERATING RESULTS

RECORD SECOND QUARTER RESULTS
FREE CASH FLOW PER SHARE UP 20%
NET INCOME UP 14%
EBITDA UP 5%

New York, NY -- August 7, 2001 -- Westwood One, Inc. (NYSE: WON) today reported record operating cash flow and free cash flow results for the second quarter of 2001.

Net revenues for the second quarter of 2001 were $133,684,000 as compared to $136,501,000 for the second quarter of 2000, a decrease of approximately $2,817,000, or 2%. The decrease was principally due to a reduction in advertising spending by internet companies, as well as a slowdown in the advertising market generally, partially offset by higher revenues from the Company's traditional, as well as, new advertisers.

EBITDA (defined as operating income plus depreciation and amortization) for the second quarter of 2001 was a record $45,116,000 as compared to $43,122,000 in the second quarter of 2000, an increase of approximately $1,994,000, or 5%.

Net free cash flow (defined as net income plus depreciation and amortization less capital expenditures) for the second quarter of 2001 was $26,920,000 ($.24 per diluted share) as compared to $23,105,000 ($.20 per diluted share) in the second quarter of 2000, an increase of $3,815,000, or 17% ($.04, or 20% per diluted share).

Joel Hollander, President and Chief Executive Officer of Westwood One, stated: "This was the Company's sixteenth consecutive quarter of record EBITDA growth. Westwood achieved these record operating results in spite of a slowing economy and on top of the 40% EBITDA growth achieved in the second quarter of 2000. Mr. Hollander added "The Company was able to achieve these results primarily by attracting new advertisers to the Company's comprehensive traffic information and network platforms represented by its affiliate base of over 7,500 stations."

Depreciation and amortization expense for the second quarter of 2001 was $17,109,000 as compared to $15,628,000 in the second quarter of 2000, an increase of $1,481,000, or 9%.

Operating income for the second quarter of 2001 was $28,007,000 as compared to $27,494,000 in the second quarter of 2000, an increase of $513,000, or 2%.

The increase in Other Expense of $1,351,000 reflects a non-cash charge to write-down the carrying value of the Company's investments in internet companies, principally Sportsline.

Income tax expense in the second quarter of 2001 was $12,603,000 compared with $14,636,000 in the second quarter of 2000, a decrease of $2,033,000, or 14%. The Company's effective income tax rate in the first half of 2001 was 51% compared with 58% in the first half of 2000. The decrease in the effective income tax rate is principally a result of non-deductible goodwill amortization being a smaller percentage of pretax income and lower state tax expense.

Net income for the second quarter of 2001 was $12,132,000 ($.11 per basic and diluted share) as compared to $10,644,000 ($.10 per basic share and $.09 per diluted share) in the second quarter of 2000, an increase of $1,488,000, or 14%.

2001 Outlook

The Company expects full year 2001 EBITDA to be in the range of $178-180 million, Free Cash Flow to approximate $109 million and Free Cash Flow per share to grow approximately 20%. For the third quarter of 2001, the Company expects revenue, excluding the effects of the Summer Olympics on 2000's third quarter results, and EBITDA growth for the third quarter of 2001 to be comparable to the Company's results for the first half of 2001.

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:
FARID SULEMAN
(212) 314-9215