GAP Executives Erik Hellum and George Laughlin Join Townsquare Media Executive Team
Greenwich, CT – August 13, 2010 – Townsquare Media, LLC, announced today that it has completed its acquisition of GAP Radio Broadcasting, greatly expanding its local media operations by adding 111 radio stations and associated digital assets in 23 markets. With the GAP operations, Townsquare Media now owns 171 radio stations and associated digital assets in 36 markets with geographic concentrations in the Northeast, Midwest, Southwest, and Mountain West, making it the fourth largest owner of radio stations in the United States. Oaktree Capital Management will continue to be the majority shareholder of Townsquare Media.
Former GAP executives Erik Hellum and George Laughlin have joined Townsquare Media as Senior Vice Presidents overseeing the company’s two divisions and will report to Townsquare Media Chairman and Chief Executive Officer Steven Price. Messrs. Hellum and Laughlin previously served as President of GAP West and GAP Central, respectively.
“The acquisition of GAP represents another step in the process of transforming Townsquare Media into the local media business of the future. With this transaction, the company greatly expands its audience and advertiser reach. New opportunities to capitalize on our scale are abundant,” said Mr. Price. “George and Erik bring a wealth of experience, talent, and energy and we are excited to welcome them to the team. They will be an integral part of transforming our company into a new type of local media business.”
About Townsquare Media
Townsquare Media, LLC, is a radio broadcasting and digital content company focused on acquiring, developing and operating radio and digital properties in mid-sized markets. Townsquare Media operates market-leading media clusters in 36 U.S. cities. The Company’s majority shareholder is a fund managed by Oaktree Capital Management, L.P. www.townsquaremediagroup.com
About Oaktree Capital Management
Oaktree is a premier global alternative and non-traditional investment manager with over $76 billion in assets under management as of March 31, 2010. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, high yield and convertible bonds, specialized private equity (including power infrastructure), real estate, emerging market and Japanese securities, and mezzanine finance. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm today has approximately 600 employees and offices in 14 cities worldwide. http://www.oaktreecapital.com/
This press release includes certain forward-looking statements with respect to Townsquare Media, Inc. for which it claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve certain risks and uncertainties and include statements preceded by, followed by or that include words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project” and other similar expressions. Although Townsquare Media believes expectations reflected in these forward-looking statements are based on reasonable assumptions, such statements are influenced by financial position, business strategy, budgets, projected costs, and plans and objectives of management for future operations. Actual results and developments may differ materially from those conveyed in the forward-looking statements based on various factors including, but not limited to: changes in economic, business and market conditions affecting the radio broadcast industry, the markets in which we operate, and nationally; increased competition for attractive radio properties and advertising dollars; increased competition from emerging technologies; fluctuations in the cost of operating radio properties; the Company’s ability to manage growth; the Company’s ability to effectively integrate its acquisitions; potential costs relating to stockholder demands; changes in the regulatory climate affecting radio broadcast companies; cancellations, disruptions or postponement of advertising schedules in response to national or world events; and the Company’s ability to regain and maintain compliance with the terms of its credit facilities or to refinance or restructure such obligations. Further information on other factors that could affect the financial results of Townsquare Media, Inc.. is included in Townsquare Media’s filings with the Securities and Exchange Commission. These documents are available free of charge at the Commission’s website at http://www.sec.gov and/or from Townsquare Media, Inc.