Source of Wealth:Metro Networks Inc.
Full Name:David I. Saperstein
Occupation:Entrepreneur and Farmer
About David I. Saperstein
American entrepreneur and farmer David I. Saperstein founded Metro Networks Inc. in 1978. It is a broadcasting outsourcing company based in Houston, Texas and a subsidiary of Westwood One until it was sold to Clear Channel Communications in 2011.
David began his business career when he dropped out of school and started selling used cars with his Ford Dealership. When Ford withdrew its support and lost his dealership, he went on to launch MNI in 1978. Since then, it has grown to serve more than 1,500 radio stations in the United States, and became a publicly traded company on the NASDAQ exchange in 1996. He sold the company to Westwood One in 1999 for $1.25 billion in stock where he also served as its Director.
Saperstein has been the Chief Executive Officer and Director since the company's founding. He also serves as the Chairman of the Board of the firm and the president between 1978 and June 1996. He also serves on the Board of Directors for the Toxoplasmosis Research Institute of the Michael Reese Hospital in Chicago. He sits on the Board of Trustees for the Houston chapter of the United Way, the Board of Governors for the Music Center of Los Angeles County and the Cedars-Sinai Medical Center in LA, and is a member of the Dean’s Advisory Council for Touro College of Law in New York.
Today, David Saperstein operates tree farms in Texas and Florida. In an interview with Forbes Magazine, he claims that business is growing.
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