Townsquare Upheaval: Bill Wilson, Dhruv Prasad Named Co-CEOs, Steven Price To Exec. Chairman, Erik Hellum To COO, Local Media

Changes

TOWNSQUARE MEDIA CEO/Founder STEVEN PRICE is being moved out of the CEO role and will serve as Executive Chairman of the Board, and is being replaced by EVP/Chief Content & Digital Officer BILL WILSON and EVP/Live Events DHRUV PRASAD as Co-CEOs, effective TODAY (10/16).  PRICE had run the company since founding it with OAKTREE as primary investor in 2010.  The company also upped ERIK HELLUM to COO/Local Media.

“Appointing two of our long-time senior executives as Co-Chief Executive Officers will allow TOWNSQUARE to strengthen and solidify its management team while preserving continuity and stability,” said OAKTREE CAPITAL MANAGEMENT, LP Managing Director and TOWNSQUARE board member DAVID QUICK.  “Our Board is pleased that STEVEN will continue to focus on the Company’s overall strategic direction and we are appreciative that TOWNSQUARE will continue to benefit from STEVEN’s counsel through his continued leadership of the Board.” 

“I want to congratulate both BILL and DHRUV on this well-deserved appointment.  I am confident that this team, along with the rest of our senior executives, will lead our organization superbly as we further strengthen our position in the marketplace,” said PRICE.  “I am eager to begin my new role as Executive Chairman and look forward to working with BILL and DHRUV to execute upon the Company’s strategy.” 

“I am excited to lead TOWNSQUARE in reaching new heights and continue as the premier local advertising and marketing solutions company in the heartland of AMERICA,” said WILSON.  “And we are pleased that ERIK HELLUM will take on added responsibilities as COO/Local Media.”

PRASAD added, “I am very grateful to STEVEN and the Board for this opportunity, and I am excited to get to work with BILL, ERIK, STU and the rest of TOWNSQUARE’s management and employees to continue to grow our business and deliver value to our stakeholders.” 

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