Townsquare Repurchases All Of Oaktree’s Ownership Stake

Buys Out Oaktree

TOWNSQUARE MEDIA repurchased the entirety of OAKTREE CAPITAL MANAGEMENT L.P.’s 12.6 million shares of the company at $6.40 per security, and subsequently retired those securities. Following the repurchase, the company has approximately 16 million securities outstanding, inclusive of common stock and warrants.

“We could not be more pleased to share that given our strong cash position, we were able to repurchase 100% of OAKTREE’s ownership interests in TOWNSQUARE, capturing a strong return for our shareholders," said CEO BILL WILSON. "This is a beneficial transaction for our investors and the company. The OAKTREE share repurchase is significantly accretive on an earnings per share and free cash flow per share basis in 2021, and entirely eliminates OAKTREE’s ownership overhang for current and potential shareholders. We thank OAKTREE for their long-term support of our company. We look forward to discussing our fourth quarter and year-end 2020 results as well as our first quarter 2021 outlook on our earnings call next week.”

HOULIHAN LOKEY CAPITAL, INC. served as financial advisor with the repurchase.

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