Townsquare Media Second Quarter Revenues Rise, Company Sells 43 Towers To Vertical Bridge
August 5, 2015 at 6:14 AM (PT)
TOWNSQUARE MEDIA, INC. second quarter net revenue increased 10.6% (11.4% excluding political revenue) to $117.5 million. Local Advertising net revenue increased 0.6% (1.5% excluding political revenue) to $78.5 million, while Live Events net revenue increased 50.4% to $29.7 million. Pro forma Adjusted EBITDA for the quarter rose 2.5% to $28.6 million.
Chairman/CEO STEVEN PRICE said, "We believe our second quarter net revenue growth of 10.6% highlights the strength of our diversified revenue strategy. We saw growth in each of our operating segments in the second quarter, particularly within our Live Events segment, which grew over 50% over the prior year."
The company also announced the sale of 43 towers on 41 sites in 28 markets to a subsidiary of VERTICAL BRIDGE HOLDINGS, LLC for about $22.8 million. TOWNSQUARE will lease space on the towers for its stations for 35 years, with an initial 20 year term and three five-year options, for $41 of rent per annum ($1 per site per annum); VERTICAL BRIDGE will also serve as exclusive marketing agent for the over 250 towers retained by the company.