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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.
- Broadcast Advertising - Delivers local, regional, and national advertising products via terrestrial radio broadcast.
- Digital Advertising - Markets digital advertising on owned and operated digital properties and a digital programmatic advertising platform, branded as Townsquare Ignite.
- Subscription Digital Marketing Solutions - Offers subscription-based digital marketing services to small and medium-sized businesses, branded as Townsquare Interactive.
- Other - Includes revenue from owned and operated live events.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bill Wilson Executive | Chief Executive Officer | Radio Board Chair of the National Association of Broadcasters (NAB) | Joined TSQ in September 2010, became CEO in January 2019, and has been recognized for leadership in the radio industry. | View Report → |
Claire Yenicay Executive | Executive Vice President, Investor Relations and Corporate Communications | None | Joined TSQ in June 2011, initially focused on business development and M&A, contributing to transactions over $500 million. | |
Erik Hellum Executive | Executive Vice President and Chief Operating Officer | None | Joined TSQ in August 2010 after the acquisition of GAP Radio Broadcasting, where he was President of GAP West. | |
Robert Worshek Executive | Senior Vice President and Chief Accounting Officer | None | Joined TSQ in December 2019, with previous roles in senior accounting and finance positions, including at Element Solutions, Inc. and Trust Financial Corporation. | |
Scott Schatz Executive | Executive Vice President, Finance, Operations, and Technology | None | Co-founded TSQ in May 2010, with a background in advising companies on valuations, mergers, and acquisitions. | |
Stuart Rosenstein Executive | Executive Vice President and Chief Financial Officer | None | Co-founded TSQ in May 2010, serving as EVP and CFO since inception, with a background in private lending and financial management. | |
David Lebow Board | Director | Chief of Staff at DraftKings, Inc. | Joined TSQ's Board in 2010, with substantial media industry experience, previously serving as Chief Revenue Officer at YP and President-Revenue of Group Commerce. | |
Gary D. Way Board | Director | Board of Trustees Member at NYU School of Law Foundation, Dean’s Advisory Council Member at Rutgers, Board of Advisors Member at Marquette University Law School | Joined TSQ's Board in January 2023, with a background in legal and corporate governance, previously General Counsel of the Jordan Brand at NIKE. | |
Gary Ginsberg Board | Director | Board Member at Schrödinger, Inc. | Joined TSQ's Board in 2010, with a strong background in corporate strategy and business development, and experience in senior communications roles at Softbank and Time Warner. | |
Stephen Kaplan Board | Director | Chairman of Nalpak Capital | Joined TSQ's Board in 2010, with extensive experience in management, finance, and public company boards, previously at Oaktree Capital Management and TCW Special Credits Group. | |
Steven Price Board | Executive Chairman | Co-Founder & CEO of 25Madison | Co-founded TSQ in May 2010, served as CEO until October 2017, and has been Executive Chairman since then. |
- 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?
- 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?
- 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?
- 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?
- 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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Investee Company Acquisition | 2024 | Completed in February 2024 via a private transaction with a total cash consideration of $4.0 million, which resulted in the company recognizing a $4.0 million gain in Q1; this deal highlights the cash-based nature of the transaction. |
Cherry Creek Broadcasting LLC | 2022 | Completed on June 17, 2022, the acquisition involved a total cash purchase of $18.4 million for 35 local radio stations, delivering $8.4 million in goodwill and additional FCC licenses and content rights, all strategically aimed at expanding Townsquare Media's Digital First strategy in smaller U.S. markets. |
Recent press releases and 8-K filings for TSQ.
- Q1 2025 results exceeded adjusted EBITDA guidance and the company reaffirmed its full‐year guidance for net revenue and adjusted EBITDA .
- Financial performance: Net revenue reached $98.7M (down 1% YoY) while adjusted EBITDA increased 3.5% YoY to $18.1M, meeting expectations .
- Digital performance: Digital revenue grew +6.4% YoY, now representing a record 57% of total net revenue, with digital segment profit up +16.2% and contributing 62% of total profit .
- Strategic initiatives: Expanding digital operations through platforms like Ignite and Townsquare Interactive, forging new media partnerships, and preparing to leverage deregulation opportunities in markets outside the top 50 .
- The strong digital-driven results supported the company's dividend announcement, reinforcing its strategy as a Digital First Local Media Company .
- Q4 net revenue increased 2.6% YoY to $117.8 million, exceeding guidance mid-point, while full-year net revenue declined 0.7% to $451 million, meeting expectations overall.
- Adjusted EBITDA in Q4 surged 25.8% YoY to $31.2 million, with full-year adjusted EBITDA nearly flat at $100.4 million, demonstrating solid profitability in a challenging environment.
- The digital business gained momentum, with digital revenue now representing 52% of total net revenue, driven by a 15.5% YoY increase in digital advertising and a successful turnaround at Townsquare Interactive.
- The company generated $49 million in operating cash flow, completed a debt refinancing extending maturities to 2030, and maintained a high-yielding dividend, underscoring strong operational efficiency.
- The company reported $451M in net revenue and $100M in Adjusted EBITDA for FY 2024, meeting its guidance and demonstrating stable performance.
- Digital revenue accounted for 52% of total revenue with modest overall growth, underscoring the ongoing digital transformation of its business model.
- Accelerated digital advertising performance in Q4 (+15.5% YoY) and a record 70M+ unique visitors highlight the strength of its digital platforms and technology investments.
- A +1% dividend increase was announced with a $0.20 per share payout, complemented by active share repurchase activity and strategic debt management, while Q1 2025 guidance indicates near-term stability.
- Digital revenue growth was robust in Q4 2024, with overall digital net revenue up +10.8% and Townsquare Ignite (digital advertising) growing +15.5% compared to the previous year.
- The company repurchased $36 million of debt and $24 million of equity during the quarter, reflecting strong cash generation and financial discipline.
- The Board approved a quarterly cash dividend of $0.20 per share, contributing to an annual dividend of $0.80 per share and supporting a yield of approximately 10%.
- Townsquare completed a debt refinancing, entering a new $490 million credit agreement that extends maturities to 2030, underscoring its focus on long-term liquidity and reduced net leverage.