Dear valued advertisers:
Regent Communications, Inc. recently made some announcements which we would like to explain in greater detail to our valued advertisers.
First, as you may know, Regent emerged from bankruptcy protection on April 27, 2010, less than two months after our initial filing. Our pre-arranged bankruptcy process allowed us to address our capital structure. Specifically, we substantially reduced the amount of debt on our balance sheet, enhancing our ability to continue to invest in our operations, execute our strategy, and more effectively serve our clients. We also transitioned to private ownership and are now controlled by majority shareholder Oaktree Capital Management, L.P., a premier global alternative and non-traditional investment manager with approximately $76 billion in assets under management.
Second, this morning, Regent announced a change in senior management. I have been appointed the Company’s new Chairman and Chief Executive Officer and Stuart Rosenstein has been appointed the Company’s new Executive Vice President and Chief Financial Officer. We will succeed William Stakelin and Anthony Vasconcellos, who resigned from the company. Messrs. Stakelin and Vasconcellos led Regent for many years and their leadership over the last year in connection with the Company’s restructuring has been exemplary. Now, with the restructuring of the Company and transition to private ownership complete, they have chosen this moment to move on.
Stuart and I co-founded FiveWire Ventures, LLC, an investment firm focused on the media industry, and have been business partners and collaborators for two decades. We have significant experience as both operators of and investors in media and communications businesses. Stuart and I also intend to make a substantial equity investment in Regent in connection with the management transition.
Finally, Regent Communications, Inc. is changing its name to Townsquare Media, Inc. The name change is consistent with the vision brought by new management and the Company’s controlling shareholders to build the country’s pre-eminent local media company, operating across multiple platforms and focused on mid-sized markets.
Ultimately, our restructuring and management change benefit your business as well, ensuring that Townsquare Media will move forward as a stronger company that is better positioned to serve our advertisers and audience. We appreciate and sincerely value our business relationship and look forward to continuing to work with you. We know that at times like these, it is important that we communicate quickly, completely and in a coordinated fashion with all of our constituencies. If you have any questions, please contact your Townsquare Media sales management representative.
Thank you for your continued support.
Sincerely yours,
Steven Price
Chairman and Chief Executive Officer
Townsquare Media, Inc.