Townsquare Media Revenues Boosted By Live Events Acquisition
February 26, 2016 at 6:56 AM (PT)
TOWNSQUARE MEDIA, INC.'s fourth-quarter net revenue increased 20.6% to $113 million, with local advertising net revenue excluding political up 1.9% to $80 million (down 0.2% including political). Live Events net revenue jumped 298.7% to $21.6 million with new acquisitions, and Other Media and Entertainment net revenue increased 44.1% to $11.5 million.
“In 2015, we delivered net revenue growth of 18%, driven by growth across all segments and the acquisition of NORTH AMERICAN MIDWAY ENTERTAINMENT ('NAME'). We believe our diversified strategy remains sound, demonstrated by the stability of our Local Advertising business and the outsized growth in our other businesses,” said TOWNSQUARE MEDIA Chairman/CEO STEVEN PRICE. “In addition, we further diversified our business, with approximately half of revenue now derived from sources other than the sale of terrestrial radio advertising."
Continued PRICE, “2015 was an exciting year for TOWNSQUARE. We completed two strategic transactions, refinanced our capital structure, locking in long-term, favorable interest rates, and voluntarily repaid a portion of our term loan debt. On a pro forma basis, net revenue grew 5.4% in 2015, and both revenue and EBITDA were in line with the guidance that we provided at the start of 2015.”