Townsquare Media Revenues Up In Q3, Mostly Due To Live Event Acquisitions
November 5, 2015 at 11:44 AM (PT)
TOWNSQUARE MEDIA third-quarter 2015 net revenue excluding the effect of purchasing NORTH AMERICAN MIDWAY ENTERTAINMENT increased 9.7%, and increased 7.1% including NAME and on a constant currency basis. Adding in NAME (acquired on SEPTEMBER 1st of this year) and the WE FEST (purchased OCTOBER 31st of last year) brought total net revenue to $129.6 million, up 36.8%, with $30.2 million of the increase from NAME and WE FEST.
Local advertising net revenue rose 0.7% to $79.6 million. Pro forma net revenue increased 4.2% to $166 million. Adjusted EBITDA increased 26.5% to $33.7 million, mostly due to the NAME and WE FEST acquisitions; pro forma Adjusted EBITDA was down 4.6% to $45.6 million, with political revenue and investments in new and existing live events the cause of the drop.
"We believe our third-quarter performance again demonstrates the strength of our diversified strategy,” said Chairman/CEO STEVEN PRICE. “Our results were in line with our guidance and our strong cash flow generation also allowed us to strengthen our balance sheet through the voluntary repayment of $20 million of our outstanding term loan debt.”