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Westwood One is in what CEO Peter Kosann calls a mode of “selective reinvestment” following a third quarter in which revenue and profits were better than the company had expected.
Though the third quarter saw revenue decrease 8 percent, with national ad revenue down 3.7 percent and local advertising down 12.8 percent, the company does not anticipate any further cost cutting at this time, writes Radio Ink.
Some of the cost cutting that began in the middle of 2006 were related to uncertainty as the company negotiated with CBS Radio for continuation of programming and distribution across all the CBS radio stations through 2017. The signing of the agreement was the most meaningful event that occurred during the third quarter, Kosann said.
CBS Radio has seen some audience declines that carried over to Westwood One after several format flips in large markets, he said.
He also pointed out that the company’s digital platform is growing, thanks to destination websites from some of its shows and the RealTraffic online traffic product.
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