PURCHASE, N.Y., June 16,
2023 /PRNewswire/ -- Townsquare Media, Inc. (NYSE:
TSQ) (the "Company" or "Townsquare") announced that it has
repurchased, and subsequently retired, 1.5 million shares of Class
C common stock held by MSG National Properties, LLC ("MSG"), for
$9.70 per share. The purchase price
reflects a 8.5% discount from the closing price of the Class A
common stock on June 15, 2023.
Following this transaction, MSG will own 1,708,139 shares of Common
Stock in the Company (comprising 583,139 shares of Class A Common
Stock and 1,125,000 shares of Class C Common Stock). The purchase
price of $14.6 million was funded
with cash on hand.
"We could not be more pleased to share that given our strong
cash position, we were able to repurchase approximately 8.5% of our
total shares outstanding (and nearly half of MSG's ownership in
Townsquare), capturing a positive return for our shareholders. Due
to our strong cash flow generation, we have demonstrated
Townsquare's ability to support a high yield dividend and
repurchase debt and equity, while also simultaneously investing in
the future of our digital growth engine," commented Bill Wilson, Townsquare's Chief Executive
Officer. "This repurchase is immediately accretive to shareholders
and we thank our Board of Directors for their vote of confidence in
our medium and long-term business plan to grow revenue and
profits."
About Townsquare Media, Inc.
Townsquare is a community-focused digital media and digital
marketing solutions company with market leading local radio
stations, principally focused outside the top 50 markets in the
U.S. Our assets include a subscription digital marketing services
business, Townsquare Interactive, providing website design,
creation and hosting, search engine optimization, social media and
online reputation management as well as other digital monthly
services for approximately 30,400 SMBs; a robust digital
advertising division, Townsquare Ignite, a powerful
combination of a) an owned and operated portfolio of more than 400
local news and entertainment websites and mobile apps along with a
network of leading national music and entertainment brands,
collecting valuable first party data and b) a proprietary digital
programmatic advertising technology stack with an in-house demand
and data management platform; and a portfolio of 356 local
terrestrial radio stations in 74 U.S. markets strategically
situated outside the Top 50 markets in the United States. Our portfolio includes
local media brands such as WYRK.com, WJON.com and
NJ101.5.com, and premier national music brands such as
XXLmag.com, TasteofCountry.com,
UltimateClassicRock.com, and Loudwire.com. For more
information, please visit www.townsquaremedia.com,
www.townsquareinteractive.com and www.townsquareignite.com.
Forward Looking Statements
Except for the historical information contained in this Press
Release, the matters addressed are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements often discuss the Company's
current expectations. You can identify forward-looking statements
by the fact that they do not relate strictly to historical or
current facts. These statements may include words such as "could,"
"would," "will," "plan," the negatives thereof and other words and
terms. The forward-looking statements contained in this Press
Release include, but are not limited to, statements related to the
Company's long-term business plan. By nature, forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected or implied by the
forward-looking statements. Forward-looking statements are based on
current expectations and assumptions and currently available data
and are neither predictions nor guarantees of future events or
performance. You should not place undue reliance on forward-looking
statements, which speak only as of the date hereof or as of the
date specified herein. See "Risk Factors" and "Forward-Looking
Statements" included in the Company's Annual Report on Form 10-K
for the year ended December 31, 2022,
filed with the Securities and Exchange Commission (the "SEC") on
March 16, 2023, and subsequent
filings with the SEC, for a discussion of factors that could cause
the Company's actual results to differ from those expressed or
implied by forward-looking statements. The Company assumes no
responsibility to update any forward-looking statement as a result
of new information, future events or otherwise.
Investor Relations
Claire Yenicay
(203) 900-5555
investors@townsquaremedia.com
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SOURCE Townsquare Media, Inc.