Monday, September 15, 2008

Westwood One Cuts Metro Networks Jobs, Begins Companywide Failure

Last week a number of people at Metro Networks, a company acquired by Westwood One several years ago when Metro was a gigantic money-maker with a good reputation within the broadcast industry, became unemployed people. In St. Louis, several of these people have been friends or co-workers. It is the FAULT of WESTWOOD ONE managers and corporate vice-presidents who know only GREED...not how to handle personnel. In fact, from personal experience, the Viacom/Westwood One corporate attorney remains one of the most-hated people within the entire broadcasting community. I hope he put ALL of his investment money into Westwood One stock...and he doesn't sell off before the BIG CRASH...I want him to suffer the way he's made hundreds of former employees suffer --- without a job and/or money.

WESTWOOD ONE STOCK --- watch it and its mama stock Viacom fall feverishly soon. Within 6 weeks, the managers will be making another announcement in an attempt to keep itself solvent. Mark my words --- it will be an attempt in the barest and most banal sense. Soon you'll see WESTWOOD ONE will be up to the first bidder --- not just the highest bidder. I wonder if someone like Bank of America will want to find a buyer for WW1 and help market them, too?

(Pull your money from BAC - Bank of America now before they ask the Fed for relief! Their stock price fell more than $7 today to close @ $26.55 --- and they had been trading above $52 within the past year, before they "absorbed" Countrywide in that fiasco.)

VIACOM remains desperate, but it is like the basement that leaks on a day when 5 inches of rain falls, 4 inches of that rain within two hours --- it's going to be a very wet and smelly situation. You see, Viacom filed suit against YOUTUBE for $1Billion in March 2007...obviously in an attempt to keep themselves solvent. Their stock price dropped that day to $39.50. See below.

Westwood One closed Monday at $0.67 --- it's highest point in the past 52 weeks was $3.30. Does that tell you how great it is to be managed by these great "budget cutters" who apparently know SOOOO much about the business of business?

Mama company Viacom lost only 1.99% today, closing down $0.54 at $26.62 --- hmmn. Do you see the trend?

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To my friends from Metro Networks St. Louis who are now without a job:

Mark, Tom, Vicki, Jen, Susan...even Chris, whom I don't know: You're all in my prayers! Of course my friends still employed there are in my prayers, too, since you'll have to carry on without these great people.

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