WESTWOOD ONE, INC.

                                  PRESS RELEASE

                                                          FOR IMMEDIATE RELEASE
                                                          CONTACT: ANDREW ZAREF
                                                          (212) 373-5311


                               WESTWOOD ONE, INC.
                  REPORTS SECOND QUARTER 2004 OPERATING RESULTS
                                 REVENUES UP 5%
                           NET INCOME PER SHARE UP 10%


     New York,  NY -- July 28,  2004 -- Westwood  One,  Inc.  (NYSE:  WON) today
reported operating results for the second quarter, ended June 30, 2004.

     Net revenues for the second  quarter of 2004 were $139.6  million  compared
with $132.7 million for the second quarter of 2003, an increase of approximately
$6.9  million,  or 5%. Net revenue  gains were led by an 8% increase in national
commercial  advertisements  and  a  3%  increase  in  local/regional  commercial
advertisements.

     Operating  income for the second  quarter of 2004 rose 3% to $43.1  million
versus $41.7 million in the second quarter of 2003, an increase of approximately
$1.4 million, or 3%. The increase in operating income was attributable primarily
to higher revenues,  partially offset by increased  programming and distribution
costs,  higher  amortization  expenses and higher corporate  governance  related
expenses.

     Net income for the second  quarter of 2004  increased 3% to $25.1  million,
compared  with  $24.3  million in the  second  quarter  of 2003.  Net income per
diluted  share  rose 10% to $.26 per share  from  $.23 per  share in the  second
quarter of 2003.

     Shane Coppola,  President and Chief Executive Officer of Westwood One said:
"Westwood  One's second  quarter  results are  indicative  of our  commitment to
enhance  our  products  and  services  for  both  our  affiliate   stations  and
advertisers.  We will continue to make the necessary investments in our business
which will translate to consistent  long term growth."

     Income tax expense in the second quarter of 2004 was $15.3 million compared
with $14.8 million in the comparable 2003 period,  an increase of  approximately
3%. The Company's  effective  income tax rate in the second  quarter of 2004 was
37.8%, versus 37.9% in the comparable period of 2003.


     Weighted average diluted shares outstanding  decreased  approximately 6% in
the second  quarter  of 2004,  attributable  primarily  to the  Company's  stock
repurchase  program. In the second quarter of 2004, the Company repurchased over
2.2 million shares of its Common Stock at a cost of approximately $60.1 million.

     Andrew Zaref,  Chief  Financial  Officer of Westwood One said:  "The recent
performance of our stock price has provided us with an opportunity to accelerate
our  stock  repurchases.  In the first  half of 2004,  we  repurchased  over 4.3
million shares for approximately  $123 million." Mr. Zaref added, "at the end of
June, the Company had $255 million available under its buy-back program."

2004 Outlook

     Westwood  One  reiterated  its  previously  issued 2004 annual  guidance to
deliver revenue growth of mid-single digits, resulting in double digit growth in
operating income before depreciation and amortization.

About Westwood One

     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 traffic  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 7,700 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 stated in this news
announcement,  Westwood One, Inc. does not undertake any  obligation to publicly
update or revise any  forward-looking  statements  because  of new  information,
future events or otherwise.


WESTWOOD ONE, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION

     The  following  tables  set forth the  Company's  Operating  Income  before
Depreciation  and Amortization for the six month periods ended June 30, 2004 and
2003.  The  Company   defines   "Operating   Income  before   Depreciation   and
Amortization"  as net  income  adjusted  to  exclude  the  following  line items
presented in its Statement of Operations: Income taxes; Other (Income); Interest
expense;  and Depreciation and Amortization.  While this non-Generally  Accepted
Accounting  Principles  ("GAAP")  measure has been relabeled to more  accurately
describe  in the title the  method of  calculation  of the  measure,  the actual
method  of  calculating  the  measure  now  labeled   Operating   Income  before
Depreciation  and  Amortization is unchanged from the method  previously used to
calculate the measure  formerly  labeled  EBITDA or Operating Cash Flow in prior
disclosures.

     The Company uses Operating  Income before  Depreciation  and  Amortization,
among other things, to evaluate the Company's  operating  performance,  to value
prospective acquisitions, to determine compliance with debt covenants and as one
of several components of incentive  compensation  targets for certain management
personnel, and this measure is among the primary measures used by management for
planning  and  forecasting  of future  periods.  This  measure  is an  important
indicator of the Company's  operational strength and performance of its business
because it provides a link between  profitability  and operating  cash flow. The
Company  believes  the  presentation  of this measure is relevant and useful for
investors because it allows investors to view performance in a manner similar to
the method used by the  Company's  management,  helps  improve  their ability to
understand the Company's  operating  performance  and makes it easier to compare
the Company's  results with other  companies that have  different  financing and
capital  structures  or tax rates.  In addition,  this measure is also among the
primary measures used externally by the Company's investors,  analysts and peers
in  its  industry  for  purposes  of  valuation   and  comparing  the  operating
performance of the Company to other companies in its industry.

     Since  Operating  Income  before  Depreciation  and  Amortization  is not a
measure of  performance  calculated  in  accordance  with GAAP, it should not be
considered in isolation  of, or as a substitute  for, net income as an indicator
of operating performance. Operating Income before Depreciation and Amortization,
as the Company calculates it, may not be comparable to similarly titled measures
employed by other  companies.  In addition,  this  measure does not  necessarily
represent  funds  available  for  discretionary  use, and is not  necessarily  a
measure of the  Company's  ability to fund its cash needs.  As Operating  Income
before  Depreciation and Amortization  excludes  certain  financial  information
compared with net income,  the most directly  comparable GAAP financial measure,
users of this  financial  information  should  consider  the types of events and
transactions  which are  excluded.  As required by the  Securities  and Exchange
Commission  ("SEC"),  the Company provides below a  reconciliation  of Operating
Income  before  Depreciation  and  Amortization  to net income the most directly
comparable amount reported under GAAP.



WESTWOOD ONE, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(In millions)


                                                                          

                                                 Three Months Ended       Six Months Ended
                                                      June 30,                June 30,
                                                 ------------------       ----------------
                                                  2004        2003         2004       2003
    Operating income before depreciation
    and amortization                              $48.0       $44.5        $82.2      $76.6
      Depreciation and amortization                 4.9         2.8          8.1        5.7
                                                  -----       -----        -----      -----
    Operating Income                               43.1        41.7         74.1       70.9
      Interest Expense and other                    2.7         2.5          5.5        4.9
                                                  -----       -----        -----      -----
    Income before income taxes                     40.4        39.2         68.6       66.0
      Income Taxes                                 15.3        14.9         25.9       24.7
                                                  -----       -----        -----      -----
      Net income                                  $25.1       $24.3        $42.7      $41.3
                                                  =====       =====        =====      =====



     Free cash flow is defined by the  Company as net income  plus  depreciation
and  amortization  less capital  expenditures.  The Company uses free cash flow,
among other measures, to evaluate its operating performance. Management believes
free cash flow  provides  investors  with an important  perspective  on the cash
available to service debt, make strategic acquisitions and investments, maintain
its capital assets,  repurchase its Common Stock and fund ongoing operations. As
a result,  free cash flow is a significant  measure of the Company's  ability to
generate long term value.  The Company  believes the  presentation  of free cash
flow is relevant and useful for  investors  because it allows  investors to view
performance in a manner  similar to the method used by management.  In addition,
free  cash flow is also a  primary  measure  used  externally  by the  Company's
investors,  analysts and peers in its  industry  for  purposes of valuation  and
comparing the  operating  performance  of the Company to other  companies in its
industry.

     As free cash flow is not a measure of performance  calculated in accordance
with GAAP,  free cash flow should not be  considered  in  isolation  of, or as a
substitute for, net income as an indicator of operating  performance or net cash
flow provided by operating activities as a measure of liquidity. Free cash flow,
as the Company calculates it, may not be comparable to similarly titled measures
employed by other  companies.  In addition,  free cash flow does not necessarily
represent funds available for discretionary use and is not necessarily a measure
of the Company's  ability to fund its cash needs. In arriving at free cash flow,
the Company adjusts operating cash flow to remove the impact of cash flow timing
differences  to arrive at a measure which the Company  believes more  accurately
reflects  funds  available  for  discretionary  use.  Specifically,  the Company
adjusts  operating  cash flow  (the  most  directly  comparable  GAAP  financial
measure) for capital  expenditures,  deferred  taxes and certain other  non-cash
items  in  addition  to  removing  the  impact  of  sources  and or uses of cash
resulting from changes in operating assets and liabilities.  Accordingly,  users
of  this  financial   information  should  consider  the  types  of  events  and
transactions   which  are  not   reflected.   The  Company   provides   below  a
reconciliation of free cash flow to the most directly comparable amount reported
under GAAP, net cash flow provided by operating activities.


WESTWOOD ONE, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(In millions)

     The following  table  presents a  reconciliation  of the Company's net cash
flow provided by operating activities to free cash flow:


                                                                                     

                                                            Three Months Ended       Six Months Ended
                                                                 June 30,                June 30,
                                                            ------------------       ----------------
                                                             2004        2003        2004        2003
    Net Cash Provided by Operating Activities               $24.8        $14.0       $76.0       $68.7
    Plus (Minus)
    Changes in assets and liabilities:
      Accounts receivable                                     8.8          4.8       (10.4)      (14.0)
      Prepaid and other assets                               (1.5)         (.9)       (4.1)       (5.5)
      Deferred revenue                                       (1.1)          .6         (.5)        (.6)
      Income taxes payable                                    (.9)         6.0        (6.7)       (1.8)
      Accounts payable and accrued and other liabilities     (1.7)         2.6        (2.5)        5.2
      Amounts payable to related parties                      1.1          1.3         (.2)       (2.7)
    Adjustments to reconcile net income to net cash
     provided by operating activities:
      Deferred taxes                                           .7         (1.0)        (.3)       (2.0)
      Amortization of deferred financing costs                (.1)         (.2)        (.5)        (.3)
    Capital Expenditures                                     (1.4)        (1.3)       (2.4)       (2.3)
                                                            -----        -----        ----        ----
    Free Cash Flow                                          $28.7        $25.9       $48.4       $44.7
                                                            =====        =====       =====       =====



                               WESTWOOD ONE, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)



                                                                                               

                                                               Three Months Ended              Six Months Ended
                                                                    June 30,                        June 30,
                                                                    --------                        --------
                                                               2004           2003           2004            2003
                                                                   (Unaudited)                    (Unaudited)
     NET REVENUES                                            $139,585       $132,675        $269,193       $258,470
                                                             --------       --------        --------       --------

     Operating Costs                                           89,761         86,504         183,257        178,556
     Depreciation and Amortization                              4,956          2,860           8,110          5,740
     Corporate General and Administrative Expenses              1,806          1,647           3,776          3,291
                                                             --------       --------        --------       --------
                                                               96,523         91,011         195,143        187,587
                                                             --------       --------        --------       --------
     OPERATING INCOME                                          43,062         41,664          74,050         70,883
     Interest Expense                                           2,700          2,496           5,617          4,947
     Other (Income) Expense                                       (33)           (16)            (73)           (36)
                                                             --------       --------        --------       --------
     INCOME BEFORE INCOME TAXES                                40,395         39,184          68,506         65,972
     INCOME TAXES                                              15,289         14,848          25,853         24,722
                                                             --------       --------        --------       -------

     NET INCOME                                               $25,106        $24,336         $42,653        $41,250
                                                              =======        =======         =======        =======

     EARNINGS PER SHARE:
        BASIC                                                   $ .26          $ .24           $ .44          $ .40
                                                              =======        =======         =======        =======
        DILUTED                                                 $ .26          $ .23           $ .43          $ .39
                                                              =======        =======         =======        =======

     WEIGHTED AVERAGE SHARES OUTSTANDING:
        BASIC                                                  96,285        101,771          97,144        102,417
                                                              =======        =======         =======        =======
        DILUTED                                                97,910        104,253          98,975        104,938
                                                              =======        =======         =======        =======





                               WESTWOOD ONE, INC.
                           CONSOLIDATED BALANCE SHEETS
                                 (In thousands)



                                                                                              

                                                                                June 30,             December 31,
                                                                                --------             ------------
                                                                                  2004                   2003
                                                                               (Unaudited)
                                    ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                                                     $ 13,649              $   8,665
  Accounts receivable, net of allowance for doubtful accounts
     of $4,097 (2004) and $4,334 (2003)                                          125,293                135,720
  Prepaid and other assets                                                        21,828                 21,110
                                                                                --------              ---------
        Total Current Assets                                                     160,770                165,495
PROPERTY AND EQUIPMENT, NET                                                       48,637                 50,562
GOODWILL                                                                         990,472                990,472
INTANGIBLE ASSETS, NET                                                             6,762                  7,626
OTHER ASSETS                                                                      40,322                 47,879
                                                                                --------             ----------
          TOTAL ASSETS                                                        $1,246,963             $1,262,034

                     LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:                                                             $79,290                $79,873
LONG-TERM DEBT                                                                   342,557                300,366
DEFERRED INCOME TAXES                                                             40,012                 36,902
OTHER LIABILITIES                                                                  8,627                  8,943
                                                                              ----------             ----------
          TOTAL LIABILITIES                                                      470,486                426,084
                                                                              ----------             ----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
  Preferred stock: authorized 10,000 shares, none outstanding                       -                      -
  Common stock, $.01 par value: authorized,  300,000 shares;
    issued and outstanding, 96,261 (2004) and 99,057 (2003)                          963                    991
  Class B stock, $.01 par value: authorized,  3,000 shares:
    issued and outstanding, 704 (2004 and 2003)                                        7                      7
  Additional paid-in capital                                                     420,283                517,132
  Accumulated earnings                                                           361,673                319,020
                                                                              ----------             ----------
                                                                                 782,926                837,150
  Less treasury stock, at cost;  275 (2004) and 35 (2003) shares                  -6,449                 -1,200
                                                                              ----------             ----------
          TOTAL SHAREHOLDERS' EQUITY                                             776,477                835,950
                                                                              ----------             ----------
          TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                          $1,246,963             $1,262,034