David I. Saperstein (with Suzanne)
March 5, 2001 David Saperstein is the single biggest stockholder of Westwood One, the nation's largest radio network. Even though the Clinton administration was kind to the industry, loosening many restrictions on media ownership, Saperstein gave all but $4,000 of his $514,000 in campaign contributions to the GOP. Analysts expect President Bush's pick for chair of the Federal Communications Commission -- Michael Powell, eldest son of Secretary of State Colin Powell -- to be even more lenient on the industry. Saperstein was a car dealer back in the 1970s when, sitting in traffic one day, the idea for a new company dawned on him. He founded Metro Networks, a firm that sold traffic reports to radio stations in exchange for free advertising for Saperstein's dealerships. The company eventually started charging for its product and expanded its coverage to sports, weather, and news. In 1999 it was bought by Westwood One, which is chaired by Norman Pattiz (No. 86, $360,000). Westwood One now produces and distributes programming to more than 7,500 radio stations nationwide. Since making his fortune, Saperstein has relocated his main home from Houston to Los Angeles, where he's building a much-touted mansion in an exclusive neighborhood near Beverly Hills. The 45,000-square-foot extravagance, dubbed the "Fleur de Lys," will include a ballroom to host dinner parties of 250, according to the Los Angeles Times. Saperstein's wife, Suzanne, shows and owns several horses, and has reportedly become a front-row fixture in the world of couture -- she goes to Europe regularly for shows and fittings, accompanied by an entourage and bodyguards. The Swedish-born beauty appears regularly on fashion and society pages, and according to the Evening Standard, keeps part of her oversized closet chilled, for cashmere. -- Pam Smith | | |
