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* Westwood One Inc., one of the largest U.S. distributors of radio programming, said third-quarter profit rose 28%, aided by higher revenue at its programming and traffic reporting operations and the purchase of Metro Networks Inc. The Culver City-based company, which is about 25% owned by CBS Corp., said net income rose to $5.33 million, or 15 cents a share, from $4.18 million, or 12 cents, a year ago. Revenue rose 18% to $78.9 million from $66.7 million.

* Pasadena-based Paula Financial, a specialty underwriter and distributor of commercial insurance products and an underwriter of workers’ compensation insurance, reported its third-quarter net income of $2.1 million, or 38 cents per share, compared with $1.6 million, or 7 cents, a year ago.

* Culver City-based Protection One Inc., the second-largest U.S. security-alarm company, canceled the $27-million sale of its Canadian operations to Voxcom Inc. because of Voxcom’s inability to get financing. The transaction was contingent upon Voxcom arranging financing, including a stock offering, by Nov. 1. Protection One said it will consider selling the operations to other companies. The company’s shares plunged 50 cents to a record low of $1.44 on the NYSE.

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