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Townsquare Media

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Townsquare Media, Inc.
Company typePublic
NYSE: TSQ (Class A)
Russell Microcap Index component
IndustryMass media
Founded1994; 30 years ago (1994)
HeadquartersPurchase, New York, United States
Key people
  • Steven Price
  • (Executive chairman)
  • Bill Wilson
  • (CEO)
  • Stuart Rosenstein
  • (Executive VP & CFO)
ServicesDigital media, radio
RevenueDecrease US$ 441.22 million (2017)
Increase US$ 84.73 million (2017)
Decrease US$ 10.25 million (2017)
Total assetsDecrease US$ 122.63 million (2017)
Total equityIncrease US$ 390.05 million (2017)
Owners
Number of employees
~2,900 (2017)
Websitetownsquaremedia.com
Footnotes / references
[1]

Townsquare Media, Inc. (formerly Regent Communications until 2010) is an American radio network and media company based in Purchase, New York. The company started in radio and expanded into digital media toward the end of the 2000s, starting with the acquisition of the MOG Music Network. As of June 2024, Townsquare was the third-largest AM–FM operator in the country, owning 349 radio stations in 74 markets.[2]

History

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As Regent Communications

[edit]
Regent Communications logo before rebranding

Townsquare Media was established as Regent Communications by Terry Jacobs in 1994. Jacobs was formerly the CEO of Jacor Communications, a radio broadcasting company which he created in 1979.[3] Bill Stakelin later shared chief status in the company with Jacobs, and the two established JS Communications, later selling Regent to Jacor in 1997. Stakelin and Jacobs resurrected the Regent name to replace JS, with approval by Jacor.[4] Jacobs left the company in 2005.[5]

On October 27, 2008, Regent Broadcasting joined Radiolicious and began streaming on the iPhone and iPod Touch. Regent is the first major radio group to contract for all of its streaming stations to be available through the Radiolicious application.[6]

As Townsquare Media

[edit]

Regent filed for Chapter 11 bankruptcy protection on March 1, 2010, with $211.3 million in debt, $166.5 million in assets, and a pre-arranged plan for exiting bankruptcy, with the United States Bankruptcy Court for the District of Delaware. The filing plan made Oaktree Capital Management the majority owner of Regent after the bankruptcy and gave the old shareholders 12.8 cents per share.[7] After the privatization, the company was renamed Townsquare Media by its co-founders Steven Price, Stuart Rosenstein, Alex Berkett, Dhruv Prasad, and Scott Schatz.[8] Gap Broadcasting Group, another radio group owned by Oaktree, was merged into Townsquare, giving it ownership of 171 radio stations in 36 markets.[6][9]

In December 2010, the company began to expand its digital media operations, overhauling its stations' websites and launching a new country music news website known as Taste of Country.[10]

Townsquare acquired a number of stations from Double O Radio in August 2011.[11]

On April 30, 2012, Townsquare Media announced a deal to acquire 55 stations in 11 markets from Cumulus Media, in exchange for Townsquare's stations in the markets of Bloomington and Peoria, IL and $126 million.[12][13]

On August 24, 2012, Townsquare reached a deal to acquire the MOG Music Network, an advertising network for music blogs. The network was part of MOG, a streaming music service that had previously reached a deal to be acquired by Beats Electronics.[14]

On October 1, 2012, Townsquare Media created Townsquare Interactive. Townsquare Interactive is the digital marketing division of Townsquare Media and focuses on creating comprehensive web presences for small businesses across the United States.[15][16][17][18]

In June 2013, Townsquare announced it would acquire a number of music-related blogs from AOL, including The Boombox, The Boot, and Noisecreep, along with ComicsAlliance. The deal came following the abrupt shutdown of AOL's Music division in April 2013.[19]

On August 29, 2013, it was announced that Cumulus would purchase Dial Global, after the programming syndication service was showing signs of financial distress in late 2012. Cumulus paid $260 million for this service, a portion of which was used to pay off Dial's debt before it was folded into Cumulus. To make the sale work, Cumulus once again made a pair of station deals with Townsquare Media; the first deal sent 53 stations in Danbury, CT; Rockford, IL; Cedar Rapids, IA; Quad Cities, IA–IL; Waterloo, IA; Portland, ME; Battle Creek, MI; Kalamazoo, MI; Lansing, MI; Faribault, MN; Rochester, MN; and Portsmouth, NH, to Townsquare for $238 million. The second sent 15 more stations in Dubuque, IA and Poughkeepsie, NY, in exchange for Peak Broadcasting's Fresno cluster. Peak, which like Dial Global and Townsquare has a large investment held by Oaktree, also had its Boise cluster folded into Townsquare. Due to market overlaps, three of Townsquare's newly acquired stations were placed in a divestiture trust.[20] The acquisition of the Cumulus stations closed on November 14, 2013.

On February 25, 2014, Townsquare Ignite was created to offer business owners across the United States online advertising solutions, such as PPC, SEM, social media advertising and website retargeting.[21]

On June 24, 2014, Townsquare Media filed for an IPO on the New York Stock Exchange, valued at $143.8 million.[22][23] On July 24, 2014, Townsquare Media became a public company with an initial offering price of $11 a share.[24]

In September 2014, Townsquare Media acquired XXL, King, and Antenna from Harris Publications. Townsquare then ceased print publication of XXL.[25]

In August 2015, Townsquare Media acquired North American Midway Entertainment of Farmland, Indiana, an amusement park company with operations in the United States and Canada.[26]

On August 17, 2016, The Madison Square Garden Company acquired a 12% stake in Townsquare Media.[27]

On October 16, 2017, Townsquare Media announced the transition of Steven Price, Townsquare's founder and chief executive officer, to the new role of Executive Chairman of the Board. He was replaced by Bill Wilson and Dhruv Prasad, who are serving as Co-Chief Executive Officers. In addition, Erik Hellum was announced as Chief Operating Officer, Local Media.[28]

On February 15, 2018, Townsquare Media acquired classic rock station WOUR-FM 96.9 from Galaxy Communications.[29]

On January 2, 2019, Townsquare Media announced the departure of Co-Chief Executive Officer Dhruv Prasad and the transition of Bill Wilson from Co-Chief Executive Officer to sole chief executive officer of the company.[30]   

Assets

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Radio stations

[edit]
Main article: List of radio stations owned by Townsquare Media

Web publications and services

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  • Antenna – general publication marketed toward youth readers; formerly a print magazine[25]
  • The Boombox – dedicated to hip hop music; previously owned by AOL[19]
  • The Boot – dedicated to country music; previously owned by AOL[19]
  • BrooklynVegan – from July 2015 to January 2021; currently owned by Project M Group.[31][32]
  • ComicsAlliance – dedicated to comic books; previously owned by AOL[19]
  • Diffuser – website about music.[33]
  • Invisible Oranges – dedicated to heavy metal music, from July 2015 to January 2021; currently owned by Project M Group.[31][32]
  • Just Jared and Just Jared Jr – dedicated to pop culture[34]
  • King – publication marketed toward African American men; formerly a print magazine[25]
  • Hype Machine – aggregator of music blogs; previously owned by SpinMedia[35]
  • Loudwire – dedicated to heavy metal and hard rock music[36]
  • Noisecreep – dedicated to heavy metal and hard rock music; previously owned by AOL[19]
  • PopCrush – dedicated to pop music; also syndicated as a radio program known as PopCrush Nights[37]
  • ScreenCrush – dedicated to film and television[38]
  • Taste of Country – dedicated to country music[19]
  • Ultimate Classic Rock – dedicated to rock music categorized as classic; also a radio show on some Townsquare stations[39][40]
  • XXL – online magazine and website dedicated to hip hop; formerly a print magazine[25]

References

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  1. ^ "US SEC: Form 10-K Townsquare Media, Inc". U.S. Securities and Exchange Commission. Retrieved June 20, 2018.
  2. ^ Overview. Townsquare Media. Retrieved August 6, 2019.
  3. ^ Derdak, Thomas; Grant, Tina (1998). International Directory of Company Histories. St. James Press. pp. 292–293.
  4. ^ "Coming Home". Billboard. Vol. 109, no. 27. Nielsen Business Media. p. 85. July 5, 1997.
  5. ^ "Regent Communications Announces Retirement of Terry Jacobs as Chairman and CEO and Appointment as Vice Chairman". Regent Communications. PR Newswire. July 27, 2005. Retrieved June 20, 2016.
  6. ^ a b Regent Communications Announces Agreement With Radiolicious. Regent Communications. November 12, 2008. Retrieved June 20, 2016 – via RedOrbit.
  7. ^ Nadgir, Santosh (March 1, 2010). "Radio broadcaster Regent Communications files Ch. 11". Reuters. Retrieved March 2, 2010.
  8. ^ "Regent Communications Becomes Townsquare Media, New CEO". Radio & Television Broadcast Report. Streamline RBR. May 3, 2010. Retrieved June 20, 2016.
  9. ^ "Townsquare Media Acquires Gap Radio Broadcasting" (Press release). Townsquare Media. August 13, 2010. Retrieved August 15, 2010.
  10. ^ "Townsquare Media Bolsters Management Team and Relaunches over 30 Digital Properties". Townsquare Media. December 13, 2010. Archived from the original on December 16, 2010. Retrieved June 20, 2016.
  11. ^ "Townsquare Media Buying Ten Oneonta-Area Stations". CNYRadio.com. August 8, 2011. Retrieved November 18, 2012.
  12. ^ "Townsquare Media Acquiring Assets from Cumulus and Peak". Townsquare Media. August 30, 2013. Retrieved June 20, 2016.
  13. ^ Venta, Lance (April 30, 2012). "Cumulus & Townsquare Swap 65 Stations". RadioInfo. RadioBB Networks. Retrieved November 19, 2012.
  14. ^ Jones, Rhian (August 24, 2012). "Remaining half of Mog Music Network sells to Townsquare Media Group". MusicWeek. NewBay Media. Retrieved August 24, 2012.
  15. ^ Dunn, Andrew (October 23, 2017). "How this homegrown digital marketing firm went from 38 employees to 300 in five years". www.charlotteagenda.com. Retrieved October 15, 2019.
  16. ^ "Digital Growth Fills Live Event Hole At Townsquare Media". Insideradio.com. November 7, 2018. Retrieved October 15, 2019.
  17. ^ Ink, Radio (August 21, 2019). "How Townsquare Is Dominating Digital". Retrieved October 15, 2019.
  18. ^ "Townsquare Interactive | Better Business Bureau® Profile". www.bbb.org. Retrieved October 15, 2019.
  19. ^ a b c d e f Brandle, Lars (June 3, 2013). "Townsquare Acquires Various AOL Music Sites, ComicsAlliance". Billboard. Prometheus Global Media. Retrieved June 20, 2016.
  20. ^ "Cumulus Makes Dial Global And Townsquare Deals Official". Radio Insight. August 30, 2013.
  21. ^ "Townsquare Media Announces the Formation of IGNITE, an In-House Interactive Studio". Townsquare Media - Digital Media & Radio Advertising Company. Retrieved October 15, 2019.
  22. ^ "Townsquare Media files for IPO of up to $144 million". Reuters. June 24, 2014. Retrieved June 27, 2014.
  23. ^ Renaissance Capital staff writer (June 24, 2014). "Oaktree-backed Townsquare Media, the third largest radio station operator, files for a $144 million IPO". NASDAQ. Retrieved June 27, 2014.
  24. ^ "Investor FAQs". Townsquare Media. Retrieved March 22, 2016.
  25. ^ a b c d Flanagan, Andrew (January 16, 2014). "XXL Bought by Townsquare, to End Print Edition Next Month". Billboard. Prometheus Global Media. Retrieved June 20, 2016.
  26. ^ "Townsquare to Acquire North American Midway Entertainment". Townsquare Media. PR Newswire. August 17, 2015. Retrieved June 20, 2016.
  27. ^ Cimilluca, Dana (August 17, 2016). "Madison Square Garden Takes 12% Stake in Townsquare Media". Wall Street Journal. Dow Jones & Company. Retrieved August 18, 2016.
  28. ^ "Townsquare appoints Bill Wilson and Dhruv Prasad as Co-Chief Executive Officers, Erik Hellum as Chief Operating Officer, Local Media, and announces Founder Steven Price will serve as Executive Chairman of the Board". Townsquare Media - Digital Media & Radio Advertising Company. Retrieved October 23, 2017.
  29. ^ "BRIEF-Townsquare Announces Acquisition Of Rock Brand WOUR-FM". Reuters. February 15, 2018. Retrieved February 15, 2018.
  30. ^ "Townsquare Announces Departure Of Co-Chief Executive Officer Dhruv Prasad; Bill Wilson To Serve As Sole Chief Executive Officer". www.prnewswire.com (Press release). Retrieved January 2, 2019.
  31. ^ a b "National Media & Premium Music Properties". Townsquare Media. September 20, 2015. Archived from the original on September 20, 2015. Retrieved November 14, 2021.
  32. ^ a b Yenicay, Claire (April 26, 2016). "Townsquare Announces Conference Call to Discuss First Quarter 2016 Results". Business Wire. Archived from the original on November 14, 2021. Retrieved November 14, 2021.
  33. ^ "Diffuser". Diffuser.fm.
  34. ^ Jarvey, Natalie (January 16, 2014). "Just Jared Partners with Townsquare Media Group". The Hollywood Reporter. Prometheus Global Media. Retrieved June 20, 2016.
  35. ^ Staff writers. "Hype Machine Partners with Townsquare Media, Departing SpinMedia". Billboard. Prometheus Global Media. Retrieved June 20, 2016.
  36. ^ Hayes, Sarah (November 6, 2014). "Loudwire Music Festival to Debut in Colorado for 2015". AXS. Retrieved June 20, 2016.
  37. ^ "Townsquare Media Launches New PopCrush Night Program With Lisa Paige". All Access. All Access Music Group. February 17, 2015. Retrieved June 20, 2016.
  38. ^ Thompson, Anne (March 26, 2014). "Media Watch: ScreenCrush Adds Departed HuffPo Scribe Mike Ryan". IndieWire. Penske Media Corporation. Retrieved June 20, 2016.
  39. ^ "Zach Martin to Host Ultimate Classic Rock on 28 Townsquare Stations, Syndicated by Compass Media". All Access. All Access Music Group. June 29, 2015. Retrieved June 20, 2016.
  40. ^ "Ultimate Classic Rock". Retrieved June 17, 2017.
[edit]
  • Official website
  • Business data for Townsquare Media, Inc.:
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