Consumer >> Analyst Interviews >> July 23, 2001

Newspaper Stocks: Leland Westerfield – Ubs Warburg

LELAND WESTERFIELD joined Harris Nesbitt Corp. in March 2004 as a senior equity analyst, researching broadcasting and publishing companies. He has been involved in the media industry for over a decade, first within the industry at Time Warner, and later in career through financial analysis within the securities industry. Widely recognized, Mr. Westerfield has been named among the 'Best on the Street' by the Wall Street Journal in both 2002 and 2003. Institutional clients have repeatedly rated him among the top 10 analysts surveyed by Institutional Investor in both the broadcasting and the publishing sectors. Previously, Mr. Westerfield served as an analyst at UBS and its predecessor PaineWebber for eight years, covering the US broadcasting and publishing industries; more recently, he headed media and entertainment research at Jefferies. Prior experiences were with Veronis, Suhler & Associates, a media investment boutique firm, where he researched the broadcasting, cable television, entertainment software, and online service industries; and Hambrecht & Quist, as an investment banking associate in the new media and technology group. Prior to 1993, Mr. Westerfield worked within the media industry directly at Time Warner on the cable network development team directed by Robert Pittman, which created Court TV, the cable network that provides live courtroom trial coverage. Mr. Westerfield earned his Bachelor of Arts degree from Yale University. He received his MBA from Columbia Business School, concentrating graduate study in both Finance and Media and Communications management. Profile
TWST: How have the newspaper stocks fared in 2001 compared to other

sectors of the media?

Mr. Westerfield: The newspaper sector has outperformed the market this

year, rebounding from a weak