• Radio Ink, Friday, November 2, 2007 12 PM

Westwood One may have had a down quarter, revenue- and profit-wise, but the radio titan's boss is upbeat about the future. According to CEO Peter Kosann, Westwood is "done cutting costs and streamlining costs," and has entered a "mode now of selective reinvestment."

Kosann repeatedly said cost reductions that began in 2006 are done for now, and that they were related to the uncertainty surrounding talks with CBS Radio. "Clearly, the most meaningful event that occurred during the third quarter was the signing of a definitive agreement with CBS Radio for continuation of programming and distribution across all the CBS radio stations through 2017," Kosann says. "CBS Radio represents a significant portion of the audience and inventory, as well as the distribution, of our company's programming and services."

Kosann adds that Westwood is "bullish" on the new deal, and "sees benefits in both the length of the agreement and the revised economic terms."

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