Recent Acquisitions Boost Townsquare Media Q2 Net Revenue
August 7, 2014 at 10:45 AM (PT)
TOWNSQUARE MEDIA reported Net revenues increasing 46.6%, to $106.3 million in Q2 2014, with pro forma net revenue rising 7.8%. Q2 net income was $12.1 million
Local Advertising net revenue increased 35.2% to $78.1 million, and Other Media and Entertainment net revenue was up 91.4%, to $28.2 million, primarily due to the acquisitions of certain assets from PEAK II HOLDING, LLC, CUMULUS MEDIA INC. and certain live events. Local Advertising pro forma net revenue decreased 0.3%, to $78.1 million.
For the first six months, pro forma net revenue increased 8.4%; pro forma Local Advertising net revenue rose 1.3% and pro forma Other Media and Entertainment net revenue enjoyed "a strong increase."
"We are pleased to be reporting solid second quarter results, following the successful completion of our initial public offering in JULY," TOWNSQUARE MEDIA Chairman/CEO STEVEN PRICE said. "We delivered a 7.8% increase in pro forma net revenue. Our results continue to demonstrate the strength of our diversified revenue strategy. We enjoyed solid performance in most of our Local Advertising markets together with strong performance across our live event, digital marketing service and national digital assets. These more than offset advertising revenue softness in certain markets within our Local Advertising segment."