Townsquare Media Has ‘Solid’ Q2 Revenue Growth
Townsquare Media, which has assets in radio, live events and digital media, reported “solid” net revenue growth in the second quarter, according to Chair/CEO Steven Price.
Net revenue rose $19.6 million to $137.2 million, compared to $117.5 million for the same period a year ago. This was driven primarily by North American Midway Entertainment.
Local Marketing Solutions net revenue, which includes radio and digital, increased $2.6 million, or 3%, to $86.7 million and Entertainment net revenue increased $17.1 million, or 51.2%, to $50.5 million.
The company had $17.6 million of cash on hand at the end of the quarter. As of June 30, Townsquare Media had $581.3 million of outstanding debt, representing 5.6x and 5.4x gross and net leverage, respectively.