Adds Leading CHR brand WPST-FM to Townsquare’s Powerful 11 Station Portfolio in New Jersey
Greenwich, CT – March 22, 2018 Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, or the “Company”) announced today that it has entered into an agreement to acquire three radio stations in Trenton, NJ from Connoisseur Media, LLC, (“Connoisseur”) for approximately $17 million (the “Acquisition”). The Acquisition will include leading CHR station WPST-FM.
“We are very excited to announce the acquisition of these radio stations, particularly WPST, one of the Northeast’s most respected and highest-performing CHR stations. Combined with our market leading news/talk radio station based in Trenton, NJ 101.5, and our existing portfolio of ten other stations in the state of New Jersey, we believe these assets will enhance our ability to deliver high quality, engaging, local content and superior, multi-platform marketing solutions,” commented Townsquare Co-Chief Executive Officer Dhruv Prasad. “This is the third strategic acquisition that we have announced within the past nine months, demonstrating our continuing commitment to investing capital at attractive values in our local media business.”
Ron deCastro, Market President/Chief Revenue Officer of Townsquare Trenton, added, “We are excited to welcome the talented Connoisseur New Jersey team to Townsquare. We respect their accomplishments and are excited to join forces with them to operate the leading radio brands in the region. We will now have even more market-leading assets at our disposal to deliver results to our customers.”
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 12,400 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), and approximately 350 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, and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.