Westwood One loses $60 million in 3rd quarter, $50 million was writedown of goodwill. Total value of stock is $111 million (after going up 22% on the good news)
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Westwood One… they have content issues. Dennis Miller is their top host now that O’Reilly quit his radio show. Fred Thompson and Phil Valentine are duds (and they had to sell off Jay Severin’s contract for the same reason), they lost virtually their entire hot talk lineup when CBS decided to ditch the format, and they barely held on to their rights to NFL games. While they’re still having an OK time in the music syndication field, they’re lagging quite a bit behind competitors like Dial Global. News and short-form features are where they’re doing best, but they’re competing with the Fox News/Premiere/Clear Channel alliance in the former, and the latter isn’t particularly profitable.
Imus is doing fairly well… I wonder if, now that Citadel’s about to go bankrupt, if Westwood One would want to take him back.