Reinforces Townsquare’s “Local First” Strategy
Provides Updated Guidance for Second Quarter 2018 and Full Year 2018
Greenwich, CT – May 24, 2018 Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”) announced today that it has completed the sale of North American Midway Entertainment, LLC (“NAME”) to North American Fairs, LLC, an entity owned by Danny Huston, for $23.5 million plus a 15% residual interest in any future proceeds of a sale of NAME in the next ten years.
NAME is North America’s largest mobile amusement company, entertaining approximately 16 million people on an annual basis as the owner and operator of amusement attractions at approximately 150 fairs per year across the United States and Canada. NAME has been a subsidiary of the Company since it was acquired in 2015. In 2017, the Company announced that it was initiating a strategic review of its Entertainment segment, which included NAME.
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 12,800 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite) and approximately 200 live events with over one million attendees each year. Our brands include local media assets such as WYRK, KLAQ, K2 and NJ101.5; iconic regional and national events such as the Taste of Country Music Festival, WE Fest, Country Jam, the Boise Music Festival, the Red Dirt BBQ & Music Festival and Taste of Fort Collins; and leading tastemaker music and entertainment 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.