Westwood One's second quarter results, released Monday (Aug. 10), show some progress in management's initiatives to turn around the business. While second quarter revenue decreased 16.7 percent to $83.7 million, the decrease bested the performance of the overall radio industry, which has been reporting declines of 20 percent or more.

Due to weak automotive spending, the network radio segment was down 14.9 percent to $40.2 million. Revenue for the restructured Metro Traffic division dropped 18.3 percent to $43.5 million primarily due to weak local spending among automotive, retail and telecommunications.

Since new management took over Westwood last fall, the company has made a number of changes in its executive suite, restructured its operations, and initiated several cost cuts, including employee layoffs and salary reductions. During the quarter, operating expenses decreased 15.3 percent. For the year, the radio network expects to save $53 to $61 million in annual operating cost savings.