Townsquare Media Has ‘Solid’ Q2 Revenue Growth

By on Aug, 4 2016 with Comments 0

Townsquare Media GroupTownsquare 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.

About The Author: Leslie Stimson has been a reporter for 35+ years, starting in radio news. She’s spent the last 20 years reporting for radio trades.

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