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METRO NETWORKS AND CANADA
TRAFFIC NETWORK ANNOUNCE AGREEMENT -- Metro Networks to Represent
Canadian 10-Second Advertising Inventory --
New York, NY -
November 14, 2005 - Metro Networks, a Westwood One (NYSE: WON)
company, and the Canada Traffic Network announced today an agreement by
which Metro Networks will represent Canada Traffic Network 10-second
advertising inventory in the United States, effective immediately. In
addition, Metro Networks has provided financing to Canada Traffic Network
and has received an equity interest. Canada Traffic Network is controlled
by the same investor group as The Australia Traffic Network, in which
Metro Networks also owns an equity interest.
Canada Traffic Network
has contracted with approximately 30 radio stations in seven markets
across Canada, including: Toronto, Montreal, Vancouver, Winnipeg,
Edmonton, Calgary and Hamilton and will commence operations later this
year.
"It has always been a
major goal of Metro Networks to expand into Canadian markets,” said Chuck
Bortnick, Co-COO of Westwood One. “We are thrilled to finally have the
right opportunity. This new partnership achieves our goal of creating a
strong platform for future growth.”
”We are pleased to
have Westwood One extend its investment with us to Canada. We have had a
very successful relationship in Australia and expect Canada will be
mutually profitable as well,” commented Global Traffic Network, Inc. Chief
Executive Officer, William L. Yde III.
Canada Traffic Network
ULC (”CTN”) is a wholly owned subsidiary of Global Traffic Network, Inc.
CTN is currently has contracts to provide airborne traffic reports with
radio stations in seven Canadian markets (including Toronto, Montreal and
Vancouver) and expects to commence operations in the near future. CTN is
affiliated with The Australia Traffic Network Pty Limited (“ATN”), the
largest traffic service provider to the Australian broadcast industry.
Recently, in addition to traffic, ATN has begun to news reports to radio
stations throughout Australia.
Westwood One (NYSE:
WON) 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 5,000 radio stations. Westwood One is
managed by Infinity Broadcasting Corporation.
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Press Contact:
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Peter
Sessa Westwood
One 212.641.2053 peter_sessa@westwoodone.com
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