Townsquare Closes On Gap, Gap West Acquisition
August 13, 2010 at 12:21 PM (PT)
TOWNSQUARE MEDIA, LLC has closed on its acquisition of the GAP BROADCASTING and GAP WEST BROADCASTING stations. The merger into the company's new parent operation adds 111 stations in 23 markets to TOWNSQUARE's 60 stations, formerly REGENT BROADCASTING. The total of 171 stations makes the company the fourth largest owner of radio stations in the U.S. OAKTREE CAPITAL MANAGEMENT remains TOWNSQUARE's majority shareholder.
GAP's ERIK HELLUM and GEORGE LAUGHLIN have joined TOWNSQUARE as SVPs, reporting to Chairman/CEO STEVEN PRICE.
"The acquisition of GAP represents another step in the process of transforming TOWNSQUARE MEDIA into the local media business of the future. With this transaction, the company greatly expands its audience and advertiser reach. New opportunities to capitalize on our scale are abundant," said PRICE. "GEORGE and ERIK bring a wealth of experience, talent, and energy and we are excited to welcome them to the team. They will be an integral part of transforming our company into a new type of local media business."