Management Depth Added to Help Grow Business
Alex Berkett: Senior Vice President – Business Development and Mergers and Acquisitions
Dhruv Prasad: Senior Vice President – Strategy and Operations
Scott Schatz: Vice President – Finance and Information Technology
Greg Yudkin: Vice President and Controller
Christina Frey: Vice President and Project Manager – Digital Strategy
John King, Senior Vice President – Operations, to Retire
Greenwich, CT – June 29, 2010 – Townsquare Media, LLC announced today that Alex Berkett, Dhruv Prasad, Scott Schatz, Greg Yudkin, and Christina Frey have joined the Company’s management team and that John King, Senior Vice President – Operations, will retire effective June 30, 2010.
Mr. Berkett was appointed Senior Vice President – Business Development and Mergers and Acquisitions and will be responsible for identifying and executing strategic transactions and joint ventures.
Mr. Prasad was appointed Senior Vice President – Strategy and Operations and will be working with regional and market-level leadership in Townsquare Media’s 13 media clusters nationwide to lead and implement strategic business initiatives.
Mr. Schatz was appointed Vice President – Finance and Information Technology and will be involved in the Company’s finance, accounting, and information technology functions, helping to lead the financial strategy and technical infrastructure that will facilitate the Company’s growth plans.
Mr. Yudkin was appointed Vice President and Controller and will manage the Company’s accounting functions at the corporate office in Connecticut.
Ms. Frey was appointed Vice President and Project Manager – Digital Strategy and will be involved in crafting and executing the Company’s digital strategy.
Finally, after a distinguished 39 year career in the radio business, Mr. King has chosen to retire and will be leaving Townsquare Media effective June 30, 2010.
Messrs. Berkett, Prasad, Schatz and Yudkin and Ms. Frey join Chairman and CEO Steven Price and Executive Vice President and CFO Stuart Rosenstein, who joined the Company on May 3, 2010. Messrs. Berkett and Prasad and Ms. Frey will report to Mr. Price and Mr. Schatz and Mr. Yudkin will report to Mr. Rosenstein.
“I am excited to be able to add such talented, dedicated and creative people to our Company’s senior leadership. They will help us create a culture of excellence and a commitment to seeking new opportunities throughout our Company,” Said Mr. Price. “We thank John for his distinguished service to Townsquare Media and wish him well in retirement.”
Mr. Berkett, 35, joins the Company from FiveWire Ventures, where he is a Managing Director. Prior to joining FiveWire in 2009, Mr. Berkett worked in J.P. Morgan’s Technology, Media & Telecom Investment Banking Group. Mr. Berkett joined J.P. Morgan in 2008 following the firm’s acquisition of Bear, Stearns & Co. Inc. Mr. Berkett spent 11 years in the investment banking division of Bear Stearns, most recently as a Managing Director, focused on mergers and acquisitions for media and entertainment companies. Mr. Berkett received a B.A. summa cum laude from the University of Pennsylvania.
Mr. Prasad, 32, joins the Company from FiveWire Ventures, where he is a Managing Director. Prior to joining FiveWire in 2009, Mr. Prasad spent nearly a decade in private equity investing and corporate finance. Most recently, he was with Thomas H. Lee Partners, a $22 billion global private equity firm based in Boston. Prior to joining THL, Mr. Prasad worked at Spectrum Equity Investors, where he first worked directly with Mr. Price. Mr. Prasad received an A.B. cum laude from Dartmouth College and an M.B.A. from the Wharton School at the University of Pennsylvania.
Mr. Schatz, 31, joins the Company from FiveWire Ventures, where he is a Principal. Prior to joining FiveWire in 2009, Mr. Schatz worked in the investment banking division of Bear Stearns’ technology media and telecommunications group, specializing in mergers and acquisitions as well as high yield and equity financings. Mr. Schatz began his career as an investment banking analyst in J.P. Morgan’s media and telecom group. He received a B.S. in electrical and computer engineering from Carnegie Mellon University.
Mr. Yudkin, 41, joins the Company from CBS Radio, which he joined in 2004, and where he was the Market Controller of the New York radio station group. Prior to that Mr. Yudkin was the Controller of the Stamford/Norwalk, CT radio cluster for Cox Media. Mr. Yudkin received a B.S. in Accounting from Quinnipiac University.
Ms. Frey, 32, joins the Company from McKinsey & Company, which she joined in 2006, and where she worked in its Media and Entertainment practice. Prior to joining McKinsey & Company, Ms. Frey was with Sirius Satellite Radio, now SiriusXM Satellite Radio, focused on corporate finance, Strategy and Operations. At Sirius, she was responsible for providing financial and operational decision analyses to the marketing and programming departments including assessing the profitability of new programming channels. Ms. Frey received a B.A. from Yale University and an M.B.A. from the Wharton School at the University of Pennsylvania.
“Dhruv, Scott, Greg, Christina and I are excited to be joining the management team at Townsquare Media,” said Mr. Berkett. “Given the transformation ongoing across today’s media landscape, we have a unique opportunity to grow the Company and evolve it into a multi-platform local media business. Acquisitions will be a significant part of our strategy.”
Mr. King remarked, “The Townsquare team has acquired an excellent group of radio properties, each boasting market-leading brands that have continuously dominated their markets, and exceptional people who run them. I wish them nothing but continued success.”
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 13 US cities. The Company’s majority shareholder is a fund managed by Oaktree Capital Management, L.P. www.townsquaremediagroup.com
Steve Lipin/Erin Becker