GREENWICH, Conn., Feb. 15, 2018 /PRNewswire/ -- Townsquare
Media, Inc. (NYSE: TSQ) ("Townsquare") today announced that it has
entered into an agreement to acquire classic rock station WOUR-FM
96.9 (the "Station") in Utica, NY
from Galaxy Communications, LLC (the "Acquisition"). In
addition, pursuant to a Joint Sales Agreement, Townsquare will take
over all sales efforts for the Station effective
immediately.
"We are pleased to announce this strategic acquisition which
will strengthen our market leading position in Utica, NY," commented Townsquare Co-Chief
Executive Officer Bill Wilson.
"Our existing asset portfolio of three FM stations and one AM
station currently captures the number one revenue and audience
share in the market. Adding WOUR, the leading classic rock
station in Utica, will expand the
marketing solutions we offer our local clients while also
significantly expanding our local audience and advertiser
base. We are confident that our strong local team, led by
Karen Carey, Market President/Chief
Revenue Officer of Townsquare Utica, will drive continued success
in the market."
Karen Carey added, "We are
excited to add the powerful WOUR brand to our portfolio of top
performing local stations, local digital platforms and local live
events. WOUR is a heritage station in Utica with a valuable loyal audience and great
advertiser relationships. We feel that WOUR is the perfect
complement to our existing brands (Big Frog 104, Lite 98.7, 96.1
The Eagle and WIBX) and will allow us to offer more robust
marketing solutions to our clients."
WOUR-FM will join Townsquare's existing Utica, NY stations: WFRG-FM 104.3, WLZW-FM
98.7, WODZ-FM 96.1 and WIBX-AM 950. Pro forma for the Acquisition,
Townsquare will own 318 radio stations in 67 small and mid-sized
markets, maintaining its position as the third largest owner of
radio stations in the United
States. Townsquare expects the Acquisition to close in the
second quarter of 2018, subject to closing conditions and customary
regulatory approvals.
Bergner & Co. represented the seller in connection with the
Acquisition.
About Townsquare Media, Inc.
Townsquare is a radio,
digital media, entertainment and digital marketing solutions
company principally focused on being the premier local advertising
and marketing solutions platform in small and mid-sized markets
across the U.S. Our assets include 317 radio stations and more than
325 local websites in 67 U.S. markets, a digital marketing
solutions company (Townsquare Interactive) serving approximately
12,000 small to medium sized businesses, a proprietary digital
programmatic advertising platform (Townsquare Ignite), and
approximately 550 live events with nearly 18 million attendees each
year in the U.S. and Canada. Our
brands include iconic local media assets such as WYRK, KLAQ,
K2 and NJ101.5; acclaimed music festivals such as
Mountain Jam, WE Fest and the Taste of Country Music
Festival; unique touring lifestyle and entertainment
events such as the America on Tap craft beer festival series
and North American Midway Entertainment, North America's largest mobile amusement
company; and leading tastemaker music and entertainment owned and
affiliated websites such as XXLmag.com,
TasteofCountry.com, Loudwire.com and
BrooklynVegan.com. For more information, please visit
www.townsquaremedia.com,
www.townsquareinteractive.com and www.townsquareignite.com.
Forward Looking Statements
Statements in this press release that are not historical are
forward-looking statements within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements are based upon management's
current beliefs and expectations and are subject to uncertainty and
changes in circumstances. They contain words such as
"believe," "intend," "expect" and "anticipate" and include
statements about expectations for the Company's operations,
markets, products, services, financial results and other risk
factors discussed in the Company's filings with the Securities and
Exchange Commission (the "SEC"), including under the "Risk Factors"
section in the Company's most recent Form 10-K and other SEC
filings. Unless otherwise required by applicable laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information
or future developments.
Contact
Claire Yenicay
(203) 861-0900
claire@townsquaremedia.com
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SOURCE Townsquare Media, Inc.