WESTWOOD ONE, INC. REPORTS FULL-YEAR AND
FOURTH QUARTER 2001 OPERATING RESULTS

YEAR-ENDED DECEMBER 31, 2001
FREE CASH FLOW UP 9%
FREE CASH FLOW PER SHARE UP 13%

FOURTH QUARTER 2001
FREE CASH FLOW UP 2%
FREE CASH FLOW PER SHARE UP 4%

New York, NY - February 14, 2002 -- Westwood One, Inc. (NYSE: WON) today reported operating results for the year and fourth quarter ended December 31, 2001.

Full Year 2001

Operating Cash Flow (defined as operating income plus depreciation and amortization) for the year ended December 31, 2001 was a record $166,004,000 compared with $165,598,000 in 2000, an increase of $406,000. The increase was primarily attributable to tight cost controls and reductions in affiliate and personnel costs, partially offset by lower revenues.

Free Cash Flow (defined as net income plus depreciation and amortization less capital expenditures) increased 9% to a record $103,978,000 ($.93 per diluted share) compared with $95,186,000 ($.82 per diluted share) in 2000, an increase of $8,792,000.

Joel Hollander, President and Chief Executive Officer of Westwood One, commented "I am pleased at the Company's operating results for the full year 2001. In spite of a weak advertising environment, our Company was able to deliver record Operating Cash Flow increases and record Free Cash Flow growth." Mr. Hollander added, "We were able to accomplish this growth by reducing operating expenses as well as by using our Free Cash Flow to buy-back our stock."

Net revenues for 2001 were $515,940,000 compared with $553,693,000 for 2000, a decrease of approximately $37,753,000, or 7%. The decrease was due to a reduction in spending by internet companies, the non-recurrence of revenues from the 2000 Summer Olympics, the cancellation of programming and advertising commitments due to the events of September 11 and a slowdown in the advertising market generally.

Net income for 2001 increased 2% to a record $43,195,000 ($.40 per basic share and $.38 per diluted share) compared with $42,283,000 ($.38 per basic share and $.36 per diluted share) in 2000, an increase of $912,000.

Fourth Quarter 2001

Operating cash flow for the fourth quarter of 2001 was $51,445,000 compared with $54,720,000 in the fourth quarter of 2000, a decrease of approximately $3,275,000, or 6%. The decrease was principally due to lower revenues resulting from the general advertising environment and the events of September 11th, partially offset by reduced operating expenses.

Free cash flow increased 2% to a record $31,868,000 ($.29 per diluted share) in the fourth quarter of 2001 compared with $31,130,000 ($.28 per diluted share) in the fourth quarter of 2000, an increase of $738,000. Free cash flow per share for the fourth quarter of 2001 rose 4%.

Net revenues for the fourth quarter of 2001 were $136,704,000 compared with $156,076,000 for the fourth quarter of 2000, a decrease of approximately $19,372,000, or 12%.

Operating income for the fourth quarter of 2001 was $34,965,000 compared with $39,573,000 in the fourth quarter of 2000, a decrease of approximately 12%.

Interest expense decreased 47% in the fourth quarter of 2001 to $1,695,000 from $3,173,000 in the fourth quarter of 2000. The decrease was attributable to lower interest rates and debt levels.

Income tax provision in the fourth quarter of 2001 was $17,064,000 compared with $18,710,000 for the fourth quarter of 2000, a decrease of $1,646,000, or 9%. The Company's effective income tax rate in both periods was approximately 51%. The tax benefits associated with the exercise of stock options and warrants significantly reduced the amount of cash taxes the Company would otherwise have had to pay in 2001.

Net income for the fourth quarter of 2001 was $16,282,000 ($.15 per basic and diluted share) compared with $17,813,000 ($.16 per basic and diluted share) in the fourth quarter of 2000, a decrease of approximately $1,531,000, or 9%.

During 2001, the Company purchased approximately 6,152,000 shares of the Company's stock and warrants at a total cost of approximately $146,278,000 while simultaneously reducing its outstanding borrowings by approximately $18,500,000.

2002 Outlook

The Company expects full year 2002 Operating Cash Flow to be approximately $183 million, Free Cash Flow to approximate $112 million and Free Cash Flow per share to increase approximately 15%. As a result of the Financial Accounting Standards Board issuing Statement of Financial Accounting Standards No. 142 "Goodwill and Other Intangible Assets," the Company expects its reported depreciation and amortization expense and its effective income tax rate to decrease significantly in 2002. The Company anticipates full year 2002 depreciation and amortization expense to approximate $12 million.

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.

           
Click here for Westwood One's Consolidated Statements of Operations

FOR IMMEDIATE RELEASE CONTACT:
FARID SULEMAN
(212) 314-9215