Townsquare Media

Last updated
Townsquare Media, Inc.
Public
Traded as NYSE:  TSQ (Class A)
Russell Microcap Index component
Industry Mass media
Founded1994;25 years ago (1994)
Headquarters Greenwich, Connecticut, United States
Key people
  • Steven Price
  • (Executive Chairman)
  • Bill Wilson
  • (CEO)
  • Stuart Rosenstein
  • (Executive VP & CFO)
Services Digital media, radio
RevenueDecrease2.svg US$ 441.22 million (2017)
Increase2.svg US$ 84.73 million (2017)
Decrease2.svg US$ 10.25 million (2017)
Total assets Decrease2.svg US$ 122.63 million (2017)
Total equity Increase2.svg US$ 390.05 million (2017)
Owners
Number of employees
~2,900 (2017)
Website TownsquareMedia.com
Footnotes /references
[1]

Townsquare Media, Inc. (formerly Regent Communications until 2010) is an American radio network and media company based in Greenwich, Connecticut. 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 2018, Townsquare was the third-largest AM–FM operator in the country, owning over 320 radio stations in 66 markets. [2]

Greenwich, Connecticut Town in Connecticut, United States

Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2010 census, the town had a total population of 61,171. It is the 10th largest municipality in Connecticut.

Contents

History

As Regent Communications

Regent Communications logo before rebranding Regent Communications logo 312.png
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]

Jacor Communications was a media corporation which owned a large number of radio stations in the United States. Inside the radio industry, Jacor was seen as one of the most competitive broadcast companies in history. Jacor's re-image in 1996 created the slogan "The Noise You Can't Ignore".

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]

Radiolicious was an internet radio service created by MySimBook, based in Lafayette, Louisiana. Users were able to search and listen to terrestrial radio stations. While listening, users are offered the ability to send in song requests to DJ's, enter contests, bookmark favorite stations, post wall comments, share the station with friends, and access social networks such as Facebook.

iPhone line of smartphones designed and marketed by Apple Inc.

iPhone is a line of smartphones designed and marketed by Apple Inc. All generations of the iPhone use Apple's iOS mobile operating system software. The first-generation iPhone was released on June 29, 2007, and multiple new hardware iterations with new iOS releases have been released since.

iPod Touch 1st generation Apple portable music and video player

The iPod Touch is a brand of iOS-based all-purpose mobile devices designed and marketed by Apple Inc. with a touchscreen-controlled user interface. It connects to the Internet only through Wi-Fi base stations, does not use cellular network data, and is therefore not a smartphone. Similarly to an iPhone, it can be used as a music player, digital camera, web browser, note-logger, and handheld gaming device. As of May 2013, 100 million iPod Touch units had been sold since 2007.

As Townsquare Media

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. [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]

United States District Court for the District of Delaware

The United States District Court for the District of Delaware is the Federal district court having jurisdiction over the entire state of Delaware. The Court sits in Wilmington. Currently, four district judges and three magistrate judges preside over the court.

Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. It is the largest distressed securities investor in the world, and one of the largest credit investors in the world. Oaktree emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities.

Gap Broadcasting Group was a group of companies that owned around 116 broadcast stations in 23 radio markets in northwestern and central southern United States in the late 2000s. Managed by Oaktree Capital Management, the group acquired mainly stations from Clear Channel Communications in the mid-sized radio markets that Clear Channel was exiting. All Gap Broadcasting Group stations were acquired by Oaktree's Townsquare Media in August 2010.

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]

Country music, also known as country and western, and hillbilly music, is a genre of popular music that originated in the southern United States in the early 1920s. It takes its roots from genres such as folk music and blues.

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

Double O Radio was a privately held media corporation with corporate headquarters in Charleston, South Carolina. At its peak, Double O Radio owned 28 radio stations in the United States.

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]

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. [15]

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. [16] The acquisition of the Cumulus stations closed on November 14, 2013.

On June 24, 2014, Townsquare Media filed for an IPO on the New York Stock Exchange, valued at $143.8 million. [17] [18] On July 24, 2014, Townsquare Media became a public company with an initial offering price of $11 a share. [19]

In September 2014, Townsquare Media acquired XXL , King , and Antenna from Harris Publications. Townsquare then ceased print publication of XXL. [20]

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. [21]

On August 17, 2016, The Madison Square Garden Company acquired a 12% stake in Townsquare Media. [22]

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. [23]

On February 15, 2018, Townsquare Media acquired classic rock station WOUR-FM 96.9 from Galaxy Communications. [24]

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. [25]    

Assets

Radio stations

Web publications and services

  • Antenna – general publication marketed toward youth readers; formerly a print magazine [20]
  • The Boombox – dedicated to hip hop music; previously owned by AOL [15]
  • The Boot – dedicated to country music; previously owned by AOL [15]
  • ComicsAlliance  – dedicated to comic books; previously owned by AOL [15]
  • Just Jared – dedicated to pop culture [26]
  • King  – publication marketed toward African American men; formerly a print magazine [20]
  • Hype Machine  aggregator of music blogs; previously owned by SpinMedia [27]
  • Loudwire  – dedicated to heavy metal and hard rock music [28]
  • Noisecreep  – dedicated to heavy metal and hard rock music; previously owned by AOL [15]
  • PopCrush – dedicated to pop music; also syndicated as a radio program known as PopCrush Nights [29]
  • ScreenCrush – dedicated to film and television [30]
  • Taste of Country – dedicated to country music [15]
  • Ultimate Classic Rock – dedicated to rock music categorized as classic; also a radio show on some Townsquare stations [31] [32]
  • XXL  – online magazine and website dedicated to hip hop; formerly a print magazine [20]

Related Research Articles

Cumulus Media American radio broadcast company

Cumulus Media, Inc. is an American broadcasting company and is the third largest owner and operator of AM and FM radio stations in the United States behind Entercom and iHeartMedia, Inc. As of July 1, 2017, Cumulus lists ownership of 446 stations in 90 media markets. It also owns Westwood One. Its headquarters are located in Atlanta, Georgia. Its subsidiaries include Cumulus Broadcasting LLC, Cumulus Licensing LLC and Broadcast Software International Inc.

KROC-FM contemporary hit radio station in Rochester, Minnesota, United States

KROC-FM is a radio station serving Rochester, Minnesota. The station's transmitter is located near the Minnesota-Iowa border. The station is owned by Townsquare Media. It airs a Top 40 (CHR) music format.

WDBQ-FM

WDBQ-FM is a radio station broadcasting a classic hits format. Located near Galena, Illinois, United States, the station serves the Dubuque, Iowa area. The station is owned by Townsquare Media and licensed to Townsquare Media Dubuque License, LLC.

WKFR-FM

WKFR-FM, also known as KFR, is a Top 40 outlet serving the Kalamazoo, Michigan radio market. The station's frequency is 103.3 MHz on the FM dial with an ERP of 50 kW. They are owned by Townsquare Media. 103.3 KFR plays a mix of hit music.

KXLT-FM

KXLT-FM is a radio station licensed to the community of Eagle, Idaho, and serving the Boise metropolitan area. The station is owned by Townsquare Media and licensed to Townsquare Media Boise License, LLC. It airs an adult contemporary music format.

WITL-FM

WITL-FM (100.7 MHz) is a radio station broadcasting a country music format. Licensed to Lansing, Michigan, and serving Ingham, Eaton and Clinton Counties in Michigan. It first began broadcasting in 1961. The station took the WITL-FM call sign in 1966, and adopted a full-time country music format in 1967. Originally, WITL-FM was simulcast with WITL (AM) at 1010 kHz. It is currently owned and operated by Townsquare Media. Notable station alumni include author and former ABC News correspondent Tim O'Brien and progressive talk show host Thom Hartmann. Tommy Waylon was on the air for several years before moving to Alaska and becoming involved in politics.

WBCK

WBCK is a radio station in Battle Creek, Michigan, United States, owned by Townsquare Media. It broadcasts in the FM radio band at 95.3 MHz and has a news-talk format.

KCRR

KCRR is a radio station serving Waterloo, Cedar Falls, and surrounding cities with a classic rock format. This station broadcasts on FM frequency 97.7 MHz and is owned by Townsquare Media. Elwin Huffman serves as morning news host. KCRR carries the nationally syndicated Bob and Tom Show.

KKHQ-FM contemporary hit radio station in Oelwein, Iowa, United States

KKHQ-FM is a radio station serving Waterloo, Cedar Falls, and the surrounding area known as the Cedar Valley with a Top 40 (CHR) format. This station broadcasts on FM frequency 92.3 MHz and is owned by Townsquare Media.

KOEL-FM

KOEL-FM is a radio station serving Waterloo, Cedar Falls, and surrounding cities with a modern country format. This station broadcasts on FM frequency 98.5 MHz and is owned by Townsquare Media. KOEL used to be broadcast on the FM frequency of 92.3 while 98.5 was then known as KKCV "The Hog". The change came on the heels of a Cumulus Media reshuffling of station/format resources.

KDHL classic country radio station in Faribault, Minnesota, United States

KDHL is a radio station broadcasting a Classic Country format. Licensed to Faribault, Minnesota, United States, the station is currently owned by Townsquare Media and features programming from ABC News Radio.

WXXQ country music radio station in Freeport, Illinois, United States

WXXQ is a radio station serving the Rockford, Illinois, United States, area with a country music format.. WXXQ broadcasts on FM frequency 98.5 MHz and is under ownership of Townsquare Media. WXXQ was originally WFRL-FM, with sister station WFRL-AM, sharing studios that were located in Freeport, Illinois.

WPUT was a radio station licensed to Brewster, New York, United States. The station was owned and operated by Townsquare Media. The station operated on a Class D license and was in operation during daytime hours only, to protect Class-A clear-channel station WLAC in Nashville, Tennessee at night.

KDAT-FM is a radio station broadcasting an Adult Contemporary music format. Licensed to Cedar Rapids, Iowa, United States, the station serves the Cedar Rapids area. The station is currently owned by Townsquare Media.

KOLM CBS Sports Radio affiliate in Rochester, Minnesota, United States

KOLM is a Sports radio formatted radio station in Rochester, Minnesota, and is owned by Townsquare Media. KOLM derives a portion of its programming from CBS Sports Radio.

KRFO (AM) oldies radio station in Owatonna, Minnesota, United States

KRFO is an oldies music formatted radio station in Owatonna, Minnesota. The station is owned by Townsquare Media.

KXGE rock radio station in Dubuque, Iowa, United States

KXGE is a radio station broadcasting a classic rock format serving the Dubuque, Iowa, United States, community. The station is owned by Townsquare Media and licensed to Townsquare Media Dubuque License, LLC. 102.3 at one time broadcast a country music format as KXKX.

KQCL classic rock radio station in Faribault, Minnesota, United States

KQCL is a radio station broadcasting a classic rock music format. Licensed to Faribault, Minnesota, United States, the station is currently owned by Townsquare Media.

KRFO-FM country music radio station in Owatonna, Minnesota, United States

KRFO-FM is a radio station airing a country music format, licensed to Owatonna, Minnesota, broadcasting on 104.9 FM. KRFO-FM is owned by Townsquare Media.

Beats Music

Beats Music was a subscription-based online music streaming service owned by the Beats Electronics division of Apple Inc. The service combined algorithm-based personalization with expert music suggestions from a variety of sources.

References

  1. "US SEC: Form 10-K Townsquare Media, Inc". U.S. Securities and Exchange Commission . Retrieved June 20, 2018.
  2. Overview. Townsquare Media. Retrieved March 22, 2016.
  3. Derdak, Thomas; Grant, Tina (1998). International Directory of Company Histories. St. James Press. pp. 292–293.
  4. "Coming Home". Billboard . Nielsen Business Media. 109 (27). 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. 1 2 Regent Communications Announces Agreement With Radiolicious. Regent Communications. PR Newswire. 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 17, 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. 1 2 3 4 5 6 Brandle, Lars (June 3, 2013). "Townsquare Acquires Various AOL Music Sites, ComicsAlliance". Billboard . Prometheus Global Media. Retrieved June 20, 2016.
  16. "Cumulus Makes Dial Global And Townsquare Deals Official". Radio Insight. August 30, 2013.
  17. "Townsquare Media files for IPO of up to $144 million". Reuters. Retrieved June 27, 2014.
  18. 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.
  19. "Investor FAQs". Townsquare Media. Retrieved March 22, 2016.
  20. 1 2 3 4 Flanagan, Andrew (January 16, 2014). "XXL Bought by Townsquare, to End Print Edition Next Month". Billboard . Prometheus Global Media. Retrieved June 20, 2016.
  21. "Townsquare to Acquire North American Midway Entertainment". Townsquare Media. PR Newswire . Retrieved June 20, 2016.
  22. "Madison Square Garden Takes 12% Stake in Townsquare Media". Wall Street Journal. Dow Jones & Company. Retrieved 18 August 2016.
  23. "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 2017-10-23.
  24. "BRIEF-Townsquare Announces Acquisition Of Rock Brand WOUR-FM". Reuters. 2018-02-15. Retrieved 2018-02-15.
  25. Inc, Townsquare Media. "Townsquare Announces Departure Of Co-Chief Executive Officer Dhruv Prasad; Bill Wilson To Serve As Sole Chief Executive Officer". www.prnewswire.com. Retrieved 2019-01-02.
  26. Jarvey, Natalie (January 16, 2014). "Just Jared Partners with Townsquare Media Group". The Hollywood Reporter . Prometheus Global Media. Retrieved June 20, 2016.
  27. Staff writers. "Hype Machine Partners with Townsquare Media, Departing SpinMedia". Billboard . Prometheus Global Media. Retrieved June 20, 2016.
  28. Hayes, Sarah (November 6, 2014). "Loudwire Music Festival to Debut in Colorado for 2015". AXS . Retrieved June 20, 2016.
  29. "Townsquare Media Launches New PopCrush Night Program With Lisa Paige". All Access. All Access Music Group. February 17, 2015. Retrieved June 20, 2016.
  30. Thompson, Anne (March 26, 2014). "Media Watch: ScreenCrush Adds Departed HuffPo Scribe Mike Ryan". IndieWire . Penske Media Corporation. Retrieved June 20, 2016.
  31. "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.
  32. "Ultimate Classic Rock" . Retrieved June 17, 2017.

[[Category:Companies listed on the New York Stock Exchange]صص]