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    Townsquare Media Inc (TSQ)

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    Townsquare Media, Inc. (TSQ) is a company that provides advertising and marketing solutions, focusing on local, regional, and national advertising. The company sells advertising on its digital properties and radio stations, as well as offering digital marketing services to small and medium-sized businesses. Townsquare's operations are heavily reliant on advertising revenue, particularly from industries such as automotive, entertainment, and retail.

    1. Broadcast Advertising - Delivers local, regional, and national advertising products via terrestrial radio broadcast.
    2. Digital Advertising - Markets digital advertising on owned and operated digital properties and a digital programmatic advertising platform, branded as Townsquare Ignite.
    3. Subscription Digital Marketing Solutions - Offers subscription-based digital marketing services to small and medium-sized businesses, branded as Townsquare Interactive.
    4. Other - Includes revenue from owned and operated live events.
    NamePositionStart DateShort Bio
    Steven PriceExecutive Chairman of the BoardMay 2010Steven Price co-founded Townsquare Media in May 2010 and served as CEO until October 2017. He has extensive experience in management, investment, and entrepreneurship, including serving as President and CEO of PriCellular Corporation, which was sold for $1.4 billion in 1998. He holds a B.A. magna cum laude from Brown University and a J.D. from Columbia University School of Law.
    Bill WilsonChief Executive Officer and DirectorSep 2010Bill Wilson joined Townsquare Media in September 2010 and became CEO in January 2019. He was previously Co-CEO and Executive Vice President and Chief Content & Digital Officer. Before Townsquare, he was President of AOL Media, leading global content strategy. He holds a B.A. in Economics and a B.S. in Business Management from SUNY Stony Brook and an M.B.A. from Rutgers University.
    Stuart RosensteinExecutive Vice President and Chief Financial OfficerMay 2010Stuart Rosenstein co-founded Townsquare Media in May 2010. He previously co-founded FiveWire and was the owner and managing principal of AMG Financial. He holds a B.S. magna cum laude in Business Administration (Accounting) from the State University of New York at Buffalo and is a member of the AICPA and the New York Society of Certified Public Accountants.
    Erik HellumExecutive Vice President and Chief Operating OfficerAug 2010Erik Hellum joined Townsquare Media in August 2010 following the acquisition of GAP Radio Broadcasting. He previously held leadership roles at Bonneville International Communications, Clear Channel, and Katz Radio. He holds a B.A. from the University of Wisconsin.
    Scott SchatzExecutive Vice President, Finance, Operations and TechnologyMay 2010Scott Schatz co-founded Townsquare Media in May 2010. He spent nearly a decade advising companies on valuations, mergers and acquisitions, and capital raises. He holds a B.S. in Electrical and Computer Engineering from Carnegie Mellon University.
    Claire YenicayExecutive Vice President, Investor Relations and Corporate CommunicationsJun 2011Claire Yenicay joined Townsquare Media in June 2011, focusing on business development and mergers and acquisitions. She previously worked at Oak Hill Capital Partners and Merrill Lynch. She graduated magna cum laude with a B.S. from Georgetown University.
    Robert WorshekSenior Vice President and Chief Accounting OfficerDec 2019Robert Worshek joined Townsquare Media in December 2019. He previously held senior accounting and finance roles at Drew Marine, Triton Advisory Services, and Elite Placement Group. He holds a Bachelor of Science in Business Administration from the University of Nebraska at Omaha and an M.B.A. from the Booth School of Business at the University of Chicago.
    1. Given the anticipated over 20% decline in national broadcast advertising revenue in Q4 and your expectation that broadcast is a mature cash cow business that will continue to decline, how do you plan to offset this decline and adapt your business model to this structural shift in advertising?
    2. Your partnership with SummitMedia to white label your digital programmatic advertising solution has a margin profile in the high teens; how will this affect your overall digital advertising margins, and what risks do you foresee in scaling this Media Partnership initiative?
    3. Townsquare Interactive experienced subscriber losses and revenue declines earlier this year but is expected to return to year-over-year revenue growth in Q4; what specific strategies are you implementing to ensure sustained growth and competitiveness in the digital marketing solutions market?
    4. Political advertising revenue is now expected to be just over $13 million for the full year, below your initial estimates of $14 million to $16 million; what factors led to this shortfall, and how might this impact your expectations for political revenue in future election cycles?
    5. With plans to refinance your existing debt through a variable rate bank loan before February 1 amid a shifting interest rate environment, how are you managing the risk of higher interest expenses, and what strategies will you employ if interest rates do not decline as anticipated, especially given your net leverage of 4.86x?
    Program DetailsProgram 1
    Approval DateDecember 16, 2021
    End Date/Duration36 months (ends December 2024)
    Total Additional Amount$50 million
    Remaining Authorization$24.124 million (as of September 30, 2024)
    DetailsRepurchases can be made via open market, private agreements, or other transactions. Funded through cash, borrowings, or capital markets.