American Radio Systems Reports Strong Third Quarter Results.

BOSTON--(BUSINESS WIRE)--Nov. 10, 1997--American Radio Systems Corp. (NYSE:AFM) today reported significant increases in revenues and broadcast cash flow for the quarter ended Sept. 30, 1997.

For the three months ended Sept. 30, 1997, net revenues 102.3 increased percent to $106.2 million from $523 million from $52.5 million during the same period in 1996. Broadcast cash flow (before net local marketing agreement expenses) increased 127.5 percent to $38.9 million from $17.1 million last year. For the nine month period ended Sept. 30, 1997, net revenues increased 129.3 percent to $260.5 million from $113.6 million during the same period in 1996. Broadcast cash flow grew 150.0 percent to $88.5 million from $35.4 million last year. On a same station basis for the third quarter of 1997, comparing all stations owned or operated for the entire quarter to those stations' results during the second quarter of 1996, net revenues increased 17.2 percent and broadcast cash flow grew 24.9 percent.

Steve Dodge, American's Chairman & CEO, stated, "We had a solid quarter during a period of high turbulence for our company. We look forward to getting our deal with Westinghouse and the spin of our tower company completed next year."

American Radio Systems Corp. began trading shares publicly in June, 1995. The company owns and/or programs and markets approximately 100 radio stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City, Hartford, Las Vegas, Austin, Buffalo, San Francisco/San Jose, West Palm Beach, Rochester, Fresno and Riverside. The company also has options and/or agreements to buy additional radio stations in Portland, San Francisco/San Jose, West Palm Beach, Kansas City, St. Louis and Riverside.

On Sept. 19, 1997, American Radio Systems entered into a merger agreement with Westinghouse Electric Corp. pursuant to which its radio operations will become a wholly owned subsidiary of Westinghouse. Consummation of the transaction is subject to regulatory approval. As a condition of the merger, American Radio Systems will distribute to its shareholders its communications tower business. Such distribution is expected to take place about the time of the merger with Westinghouse, which is expected to be consummated during the second quarter of 1998.

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American Radio Systems Corp. management will be conducting a conference call at 10:00 a.m. (EST) (1-800-230-1766) on Tuesday, Nov. 11, 1997 and will be available for questions. A recording of the call will be available at 1-800-475-6701 (Access Code:364795) beginning at 4:00 p.m. and ending on Nov. 25 at 11:59 p.m. EST  for those parties unable to listen to the live call.

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AMERICAN RADIO SYSTEMS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

                               Three Months Ended  Nine Months Ended
                                 September 30,       September 30,
                                1997       1996     1997       1996

NET REVENUES                  $106,167   $52,490  $260,512  $113,582
OPERATING EXPENSES:
  Operating expenses excluding
   depreciation and Amortization,
   net local marketing agreement
   and Corporate general and
   administrative expenses      67,287    35,397    172,018    78,171
  Net local marketing agreement
   expenses                        574     2,289      1,914     4,878
  Depreciation and
   amortization                 19,410     6,127     42,974    10,966
  Merger expenses                  300                  300
  Corporate general and
   administrative                2,667     1,274      6,601     3,614
       Total expenses           90,238    45,087    223,807    97,629
OPERATING INCOME                15,929     7,403     36,705    15,953
OTHER INCOME (EXPENSE):
   Interest expense            (16,838)   (6,254)   (40,074)  (15,217)
   Interest income and other       367     1,102      1,512     4,742
   Gains (losses) on sale of
    assets and other, net         (183)      208        455       172
        Total other income
         (expense)             (16,654)   (4,944)   (38,107)  (10,303)
INCOME (LOSS) FROM OPERATIONS
 BEFORE EXTRAORDINARY ITEM AND
 INCOME TAXES                     (725)    2,459     (1,402)    5,650
INCOME TAX BENEFIT (PROVISION)     401    (1,525)       774    (2,961)
LOSS BEFORE EXTRAORDINARY LOSS    (324)      934       (628)    2,689
EXTRAORDINARY LOSS ON
 EXTINGUISHMENT OF DEBT, NET
 OF INCOME TAX BENEFIT OF
 $1,013 IN 1997                                      (1,639)
NET INCOME (LOSS)                 (324)      934     (2,267)    2,689
REDEEMABLE PREFERRED STOCK
 DIVIDENDS                      (8,479)   (2,433)   (22,770)   (2,567)
NET INCOME (LOSS) APPLICABLE
 TO COMMON STOCKHOLDERS       $ (8,803) $ (1,499) $ (25,037)    $ 122
PRIMARY AND FULLY DILUTED PER
 COMMON SHARE AMOUNTS:
 Income (loss) before
 extraordinary loss             $ (.30)   $ (.07)    $ (.88)    $ .01
 Extraordinary (loss)                                  (.06)

 Net income (loss)              $ (.30)   $ (.07)    $ (.94)    $ .01

WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING      29,484    22,015     26,459    20,031


SELECTED CONSOLIDATED BALANCE
SHEET DATA
(In Thousands)

                                December 31, 1997   September 30, 1996

CASH AND CASH EQUIVALENTS                $ 13,822             $ 10,447
RESTRICTED CASH                            34,441
WORKING CAPITAL                            59,303               34,986
INTANGIBLE ASSETS, NET                  1,592,772              493,260
TOTAL ASSETS                            1,962,625              796,303
LONG-TERM DEBT, INCLUDING CURRENT
 PORTION                                  809,015              330,672
STOCKHOLDERS' EQUITY                      674,937              396,163

CONTACT: American Radio Systems

Joe Winn

or

Bruce Danziger

617/375-7500