Adding 26 Stations in Five Small and Mid-Sized Markets
Greenwich, CT – August 8, 2011 – Townsquare Media, LLC announced today that it has executed a definitive agreement to acquire 26 radio stations from Double O Corporation in Oneonta, NY, Midland-Odessa, TX, San Angelo, TX, Quincy-Hannibal, IL-MO and Sedalia, MO. Upon completion of the acquisition, Townsquare Media will own 191 radio stations and associated digital assets in 40 markets with geographic concentrations in the Northeast, Midwest, Southwest, and Mountain West. Townsquare Media is the fourth largest owner of radio stations in the United States.
“This transaction represents a continuation of Townsquare Media’s strategy of pursuing market leading media properties in small and mid-sized markets,” commented Townsquare Media Chairman and CEO Steven Price. “We are excited to continue to expand our business by adding new advertisers, a broader audience, premier brands and strong in-market teams.”
In connection with the transaction, the Pilot Group, Double O’s equity holders, will become a minority equity holder in Townsquare Media.
The transaction is expected to close in the fourth quarter of 2011, pending FCC approval.
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 165 radio stations and companion websites in 35 small to mid-sized markets, over 200 live music and non-music events including the Taste of Country BBQ Nationals, 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. The Company’s largest shareholder is a fund managed by Oaktree Capital Management, L.P. www.townsquaremediagroup.com