Townsquare Media, the new identity of Regent Communications after its post-Chapter 11 metamorphosis, is interested in retaining its loyal customers and has fired off a letter explaining its recent moves. Among other things, it was highly complimentary of the track record of exiting execs William Stakelin and Anthony Vasconcellos.
New Chairman/CEO Steven Price wrote, “Messrs. Stakelin and Vasconcellos led Regent for many years and their leadership over the last year in connection with the Company’s restructuring has been exemplary. Now, with the restructuring of the Company and transition to private ownership complete, they have chosen this moment to move on.”
He said he and his partners at equity company Oaktree Partners were ready to make a significant investment in company during the management transition.
Most importantly, he explained the new name and asked clients to stay along for the ride. “The name change is consistent with the vision brought by new management and the Company’s controlling shareholders to build the country’s pre-eminent local media company, operating across multiple platforms and focused on mid-sized markets,” wrote Price.
He concluded, “Ultimately, our restructuring and management change benefit your business as well, ensuring that Townsquare Media will move forward as a stronger company that is better positioned to serve our advertisers and audience. We appreciate and sincerely value our business relationship and look forward to continuing to work with you. We know that at times like these, it is important that we communicate quickly, completely and in a coordinated fashion with all of our constituencies. If you have any questions, please contact your Townsquare Media sales management representative.”
RBR-TVBR observation: The incoming regime at Townsquare has a strong background in internet and mobile companies. Will that help this radio group adapt to competition in the 21st Century? Stay tuned.