With Station Acquisitions, Townsquare Media Revenues Rise For Third Quarter
November 6, 2014 at 5:30 AM (PT)
TOWNSQUARE MEDIA, INC. third quarter 2014 overall net revenue increased 41.7% and 7.1% on a pro forma basis to $94.7 million, with local advertising up 37.1% (1.9% pro forma) to $79 million and "other media and entertainment" up 70.5% (43.2% pro form) to $15.8 million, with the increases in overall revenue credited to the addition of stations acquired from CUMULUS MEDIA and PEAK BROADCASTING plus live events and digital assets.
Chairman/CEO STEVEN PRICE said, "We are pleased to announce solid results in the third quarter in line with guidance. In the third quarter, pro forma net revenue grew 7.1%, with strength across both our Local Advertising and Other Media & Entertainment segments. We continue to be pleased with the performance that has been delivered by our diversified revenue strategy."
Adjusted EBITDA increased 67.5% (pro forma excluding duplicative corporate expenses 2.7%) to $26.7 million.