Townsquare Media Adds 55 Stations in 11 Markets;
Selling 10 Stations in 2 Markets to Cumulus
Greenwich, CT – April 30, 2012 – Townsquare Media, LLC announced today that it has executed definitive documentation related to an asset exchange with Cumulus Media Inc. whereby Townsquare Media will acquire 55 stations in 11 markets in exchange for 10 stations in two markets and approximately $116 million in cash. Upon the closing of the asset exchange, and Townsquare Media’s pending station sale in Texas, Townsquare will own 244 stations in 51 small and mid-sized markets.
The stations clusters being acquired by Townsquare Media are located in Augusta-Waterville, ME, Bangor, ME, Binghamton, NY, Bismarck, ND, Grand Junction, CO, Killeen-Temple, TX, New Bedford, MA, Odessa-Midland, TX, Presque Isle, ME, Sioux Falls, SD and Tuscaloosa, AL and the stations being delivered to Cumulus Media are located in Bloomington and Peoria, IL.
“This transaction represents a continued investment in the local media business in small and mid-sized markets,” commented Townsquare Media Chairman and CEO Steven Price. “We are excited to continue to add premier assets to our portfolio. The strength and depth of the acquired assets represent an excellent addition to Townsquare Media and we are excited to add new advertising partners and to broaden our audience reach.”
The transaction is expected to close in the second half of 2012, pending regulatory approval.
McDermott Will; Emery LLP acted as legal counsel to Townsquare Media in connection with the transaction.
About Townsquare Media
Townsquare Media, LLC is a local media and entertainment company that owns and operates radio, digital and live event properties. The Company specializes in creating and distributing original entertainment, music and lifestyle content. Its assets include 202 radio stations and companion websites in 43 small to mid-sized markets, over 200 live music and non-music events and certain national digital properties including Taste of Country, Ultimate Classic Rock and PopCrush, as well as eCouponing business Seize the Deal. Additionally, Townsquare Media also operates Townsquare Cares, a non-profit organization that seeks to better the lives of troops and their families. Funds managed by Oaktree Capital Management are the Company’s largest equity holder.” townsquaremediagroup.com