Townsquare Media To Acquire Assets From Double O Radio
August 8, 2011 at 6:32 AM (PT)
TOWNSQUARE MEDIA has executed a definitive agreement to acquire 26 radio stations from DOUBLE O CORPORATION in ONEONTA, NY, MIDLAND-ODESSA, TX, SAN ANGELO, TX, QUINCY-HANNIBAL, IL-MO and SEDALIA, MO. Upon completion of the acquisition, TOWNSQUARE MEDIA will own 191 radio stations and associated digital assets in 40 markets with geographic concentrations in the NORTHEAST, MIDWEST, SOUTHWEST, and MOUNTAIN WEST.
TOWNSQUARE MEDIA is the fourth largest owner, in total number of stations, of radio in the UNITED STATES.
"This transaction represents a continuation of TOWNSQUARE MEDIA's strategy of pursing market leading media properties in small and mid-sized markets," commented TOWNSQUARE MEDIA Chairman/CEO STEVEN PRICE. "We are excited to continue to expand our business by adding new advertisers, a broader audience, premier brands and strong in-market teams."
In connection with the transaction, THE PILOT GROUP, DOUBLE O's equity holders, will become a minority equity holder in TOWNSQUARE MEDIA.
The transaction is expected to close in the fourth quarter of 2011, pending FCC approval.