Greenwich, CT – April 10, 2012– Townsquare Media, LLC announced today that it executed a definitive agreement to sell three radio stations in the Odessa-Midland, Texas market to Brazos Communications West, LLC, an entity in which Tommy R. Vascocu is a Manager/Member. The transaction includes the assets associated with KHKX-FM, KMCM-FM and KQRX-FM and is expected to close in the second half of 2012, pending FCC approval.
“The sale of our stations in Odessa-Midland emanates from an ongoing strategic review of our portfolio of assets,” commented Townsquare Media Chairman and CEO Steven Price. “We remain committed to the radio broadcasting business in Texas where, after this transaction is consummated, we will continue to own 48 stations in ten Texas markets.”
“The opportunity to acquire these stations from Townsquare Media is exciting. We’re pleased to be re-investing in the dynamic Odessa-Midland market. These are outstanding stations with top personalities and dedicated personnel,” commented Mr. Vascocu.
Mr. Vascocu is the general partner of Brazos Valley Communications, Ltd., owner of radio stations KORA-FM, KTAM-AM, KBXT-FM and KAPN-FM in Bryan-College Station, Texas. Mr. Vascocu has been an active buyer and seller of Texas radio stations since 1989.
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, Loudwire, The FW, ScreenCrush, Diffuser.fm 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.
For more information, please contact:
Alex Berkett
Townsquare Media, LLC
alex@townsquaremediagroup.com
203-861-0900
Tommy R. Vascocu
Brazos Communications West, LLC
tommy@vascocu.com
432-894-1186