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Townsquare Media, Inc. (TSQ) is a distinguished media and entertainment company focused on connecting communities with content they love, people they trust, products they want, and things that matter. Headquartered in Purchase, New York, Townsquare Media operates a vast portfolio of media assets that include 312 radio stations, over 326 companion websites, an e-commerce business (seizethedeal.com), and approximately 500 annual live events in 66 small and medium-sized markets across the United States.
The company is structured into three primary segments: Subscription Digital Marketing Solutions, Digital Advertising, and Broadcast Advertising. The majority of its revenue comes from Broadcast Advertising, which encompasses local, regional, and national advertising products delivered through terrestrial radio broadcasts. This diversified approach ensures a substantial reach within its target markets.
Townsquare Media's national business is equally impressive, featuring leading music and entertainment-focused digital properties such as tasteofcountry.com, loudwire.com, popcrush.com, and screencrush.com. These platforms are complemented by several multi-day music festivals, including the renowned Mountain Jam and Taste of Country Music Festival. The company also boasts a robust digital advertising portfolio, significantly contributing to its revenue and growth.
Recent achievements highlight Townsquare Media's financial health and strategic direction. The company's digital segment now represents 53% of its total net revenue, reflecting strong digital growth and profit margins across all segments. For the first quarter, the company generated $68 million in cash flow from operations, marking a 35% year-over-year increase.
In terms of financial performance, Townsquare Media has demonstrated resilience and adaptability. The latest quarterly reports showcase a strong cash flow growth driven by digital initiatives and well-managed operating income. These results underscore the company's commitment to innovation and excellence in delivering media and entertainment experiences.
Overall, Townsquare Media, Inc. stands as a vital player in the media and entertainment industry, continuously evolving to meet the changing demands of its audience while maintaining strong community connections and delivering significant value to its stakeholders.
Townsquare Media announced a significant repurchase agreement to buy back a minimum of 10 million shares from Oaktree Capital at $6.40 per share, representing a 19% discount from the recent closing price. The deal, pending FCC approval, will reduce outstanding shares by nearly one-third, enhancing shareholder value. The repurchase is viewed positively by the company's CEO, as it alleviates concerns about Oaktree's influence on investor interest. The total expected purchase price is at least $64 million, with potential options for future purchases.
Townsquare Media (NYSE: TSQ) announced that CEO Bill Wilson will present at NobleCon17 on January 19, 2021, at 4:30 p.m. Eastern Time. The virtual conference is free to attend, and a high-definition video of the presentation will be available the following day on the company's investor relations website. The webcast will be archived for 90 days. Townsquare Media specializes in community-focused digital media and marketing, operating 322 local radio stations and digital platforms for over 21,900 small and medium businesses.
Townsquare Media has priced an offering of $550 million in 6.875% senior secured notes due in 2026, targeting qualified institutional buyers and international investors. The notes will be secured by the Company and certain subsidiaries, with closing expected on January 6, 2021. Proceeds will be used to repay existing credit facilities, redeem outstanding 6.500% senior notes due 2023, and cover related expenses. The offering will not be registered under the Securities Act, thus limiting sales in the United States.
Townsquare Media, Inc. (NYSE: TSQ) announced preliminary estimated financial results for Q4 and the full year 2020. Expected Q4 net revenue ranges between $107 million and $109 million, reflecting a decline of approximately -2.7% to -4.5%, outperforming their prior goal of -7.5%. Adjusted EBITDA for Q4 is projected at $27 million to $28 million, showing annual growth of 8.3% to 12.3%. The results are subject to finalization and could differ due to various factors, including the ongoing impact of COVID-19.
Townsquare Media, Inc. (NYSE: TSQ) announced the offering of $550 million in senior secured notes due 2026. The offering is aimed at qualified institutional buyers and foreign investors. The funds will be used to repay existing senior secured credit facilities and redeem 6.500% senior notes due 2023. The Notes will not be registered under the Securities Act, limiting their sale in the U.S. The Company aims to enhance its financial structure through this transaction.
Townsquare Media (NYSE: TSQ) announced that CEO Bill Wilson and CFO Stuart Rosenstein will participate in the Bank of America Merrill Lynch 2020 Leveraged Finance Virtual Conference on November 30 and December 1, 2020. Wilson's presentation is scheduled for 11:15 a.m. ET on November 30. A live webcast and replay will be accessible on Townsquare's investor relations page. Additionally, management will engage in one-on-one and small group meetings with investors, highlighting Townsquare's focus on local advertising and marketing solutions across the U.S.
Townsquare Media, Inc. (TSQ) reported Q3 2020 results with a net revenue decline of 15.3% compared to last year, improving from 34.5% in Q2. Adjusted EBITDA rose significantly from $2.1 million to $17.5 million, driven by growth in Townsquare Interactive and advertising sectors. Townsquare Interactive's revenue increased by 14.5%, and subscriber growth continued, adding roughly 1,150 new subscribers. Despite challenges, the company retained a strong cash position of $79.1 million.
Townsquare Media, Inc. (NYSE: TSQ) will report its third quarter 2020 financial results before the market opens on November 9, 2020. A conference call will be held on the same day at 8:00 a.m. Eastern Time to discuss the results. Interested parties can join the call by dialing 1-877-407-0784 (U.S.) or 1-201-689-8560 (International) with confirmation code 13712016. A replay will be available until November 16, 2020. The live webcast and press release will be accessible on their investor relations page.
Townsquare Media (NYSE: TSQ) announced participation in two upcoming investor conferences. Bill Wilson, CEO, and Stuart Rosenstein, CFO, will represent the company.
The conferences are: Deutsche Bank Virtual Annual Leveraged Finance Conference on October 7, 2020, and Guggenheim Virtual Broadcasting Symposium on October 8, 2020. Management will also engage in one-on-one and small group meetings with investors.
Townsquare Media operates 321 radio stations and over 330 local websites, focusing on local advertising and marketing solutions.
Townsquare Media (TSQ) reported a challenging second quarter ending June 30, 2020, with net revenue falling 34.5% year-over-year to $74.1 million. Adjusted EBITDA decreased 93.1% to $2.1 million. Advertising revenue dropped 37.5% while Live Events revenue decreased 99.5%. Despite these declines, digital revenue comprised over 48% of total revenue, bolstered by Townsquare Interactive, which saw a 10.5% increase in revenue. The company enacted significant cost savings, repaid debt, and ended the quarter with $70 million in cash.
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