Regent Now Townsquare, Stakelin And Vasconcellos Exit
May 3, 2010 at 3:31 AM (PT)
REGENT COMMUNICATIONS, which emerged from bankruptcy last week (NET NEWS 4/27), has changed its name to TOWNSQUARE MEDIA and has replaced CEO BILL STAKELIN and EVP ANTHONY VASCONCELLOS, who have resigned from the company. FIVEWIRE VENTURES co-founder STEVEN PRICE will serve as Chairman and CEO, and PRICE's FIVEWIRE co-founder STUART ROSENSTEIN has been named EVP/CFO. TOWNSQUARE operates 62 stations in 13 mid-sized markets.
"STUART and I are pleased to join TOWNSQUARE MEDIA and look forward to building, through internal growth and acquisitions, a leading provider of local media, entertainment and commerce in small and mid-sized markets," said PRICE. "The radio business is undergoing massive change and we are excited to invest in and build upon TOWNSQUARE MEDIA's leadership positions in its markets to develop a new media business for the 21st century, focused on local media across multiple platforms."
The radio business is undergoing massive change and we are excited to invest in and build upon Townsquare Media's leadership positions in its markets to develop a new media business for the 21st century, focused on local media across multiple platfor
"I am delighted to have the opportunity to be part of the TOWNSQUARE team as it starts a new chapter and concentrates on expanding its audience, serving advertisers and driving innovative digital products," said ROSENSTEIN. "Together, we are focused on strengthening the Company's operational execution and creating value for all of our stakeholders, particularly our clients, employees and investors."
"We are excited about this partnership and the new leadership at TOWNSQUARE MEDIA," said OAKTREE CAPITAL MANAGEMENT SVP ANDREW SALTER. "At the same time, we thank BILL and TONY for their longstanding service to the Company and their stewardship during the bankruptcy process. As we focus on the future, we look forward to building a market-leading, valuable media business with STEVEN and STUART."
"TONY and I are both very proud of our accomplishments at REGENT, which has consistently performed as a radio industry leader due primarily to the outstanding abilities of our employees," said STAKELIN. "We wish the Company well and wish the new owners and management team well with their decision to take the Company in a new direction."