Greenwich, CT – August 8, 2018 Townsquare Media, Inc. (NYSE: TSQ) today announced its financial results for the second quarter ended June 30, 2018.
“We are pleased to announce that our second quarter financial results exceeded our previously issued guidance, continuing the momentum we experienced in the first quarter of the year. In the first six months of 2018, net revenue increased 2.6%, and 2.2% excluding political revenue, and Adjusted EBITDA increased 6.6%,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare. “Our second quarter and year to date revenue growth was primarily the result of the continued stability in our broadcast products and the strong revenue growth of our digital solutions.”
“Through internal reorganization and the divestiture of North American Midway Entertainment, we have concluded the strategic reset that we initiated in late 2017 and have largely reoriented the Company towards the stability, profitable growth, and cash generation of the advertising, marketing solutions, and live events businesses in our local market footprint,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “Our strong performance in the first half of this year reinforces that this was the right strategy, and we remain committed to this plan moving forward.”
The Company also announced today that its Board of Directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on November 15, 2018 to shareholders of record as of the close of business on September 27, 2018.
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 320 radio stations and more than 330 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 13,650 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.