David I. Saperstein
David I. Saperstein | |
|---|---|
| Born | 1941 Baltimore, Maryland, U.S. |
| Occupation(s) | Business innovator, entrepreneur, farmer |
| Known for | Creator of Metro Networks |
David I. Saperstein (born 1941) is an American business innovator and the creator of Metro Networks.
Biography
Saperstein, born to Jewish parents in Baltimore, left college early to pursue used car sales. After being caught in a snowstorm, he envisioned the concept of providing traffic updates via radio, initiating this enterprise from his Baltimore Ford dealership. Following Ford's withdrawal of support and the subsequent loss of his dealership, he established Metro Networks in 1978. The company grew to supply over 1,500 radio stations across the United States. In 1996, Saperstein took the company public on the Nasdaq stock exchange under the ticker MTNT. He later sold Metro Networks to Westwood One in 1999 for $1.25 billion in stock. Presently, he manages tree farming operations in Texas and Florida, referring to it as a "growing business." In 1988, he was appointed to the Common Cause National Governing Board.
Entrepreneurism
Beginning his career with used car sales in Baltimore, Saperstein recognized an unmet need for centralized traffic information for radio broadcasts. He launched Metro Networks in Houston, Texas, in 1978, which evolved into a dominant traffic reporting enterprise throughout the 1980s. The firm went public on Nasdaq in 1996.
In 1998, Saperstein and his son-in-law Shane Coppola orchestrated a merger involving Metro Networks, Copter Acquisition Corp., and Westwood One, finalized in September 1999.
Just nine days prior to this merger, Saperstein founded Five "S" Capital, Inc., an investment company dedicated to supporting emerging business ventures.
Philanthropy
Saperstein holds board positions at Cedars-Sinai Hospital and the Music Center of Los Angeles and participates as a member of the Homeland Security Advisory Committee. The Saperstein Critical Care tower at Cedars-Sinai Medical Center opened in 2006; originally named the David and Suzanne Saperstein Tower, it was renamed following his divorce. In 2009, he contributed $12 million toward constructing the Milken Middle School, a Jewish day school located in Los Angeles, California, which was subsequently renamed the David Saperstein Middle School to honor him.
Personal life
Saperstein has been married three times and is father to five children. With his first wife, Phyllis Grief, he has two daughters: Michelle and Jennifer. His second marriage was to Swedish philanthropist Suzanne () Saperstein; they divorced in 2006 after having three children: Jonathan (born 1987), Alexis (born 1988), and Stefanie (born 1990). His third marriage was to Hillevi Svensson (1973–2019), also Swedish and formerly a nanny for his children; together they had twins. Hillevi passed away during a family vacation in 2019.
His cousin, Ken Mehlman, served as national chair of the Republican Party and was a strategist for President George W. Bush.
During the 1990s, Saperstein and Suzanne constructed a 45,000-square-foot estate named Fleur de Lys in Holmby Hills with Versailles-inspired architecture. Valued near $125 million by Forbes, it ranks among the most costly residences in the United States. The estate required five years to complete; shortly after finishing it, the couple divorced and Suzanne put the property on the market.
Saperstein also owns Hummingbird Nest Ranch in Simi Valley—a horse ranch featuring a main villa, guest accommodations, stables capable of housing numerous horses, and extensive facilities including staff quarters, commercial laundry services, water wells, power generators, a fuel pump, and solar energy systems. By 2014, this 126-acre estate operated as a largely self-sufficient community.