Townsquare Repurchases 10 Million Shares

Repurchases 10 Million Shares

TOWNSQUARE MEDIA has entered into an agreement to repurchase a minimum of 10 million of the 12.5 million shares of Class A common stock, shares of Class B common stock and warrants held by funds managed by OAKTREE CAPITAL MANAGEMENT for $6.40 per security, which reflects a 19% discount from the closing price of the Class A common stock on FRIDAY, JANUARY 22nd.

The aggregate purchase price is expected to be at least $64 million, subject to the company’s ability to elect to purchase additional securities at closing of the repurchase.

“We appreciate the opportunity to facilitate this significant transaction with OAKTREE and are excited about this repurchase, which secures the exit of a very long-term private equity majority shareholder that current and potential shareholders have described to me consistently as being an obstacle to investing more, or establishing a position, in Townsquare given the significant overhang OAKTREE’s holding represented,” said TOWNSQUARE CEO BILL WILSON. “This repurchase is immediately accretive to shareholders and we thank our Board of Directors for their vote of confidence in our medium and long-term business plan to grow revenue and profits.”

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