Townsquare Media made positive hints at its Q2 status by its actions in late June, but we’ll get the full picture soon. On Thursday, the company announced its release date for its financial results for the second quarter of 2023. The information will be made public prior to the opening of the market on Wednesday, August 9 to be followed by a conference call that morning at 8a ET when the results will be unpacked by CEO Bill Wilson.
The good omen? Townsquare repurchased and retired 1.5 million shares of its Class C common stock from MSG National Properties, LLC. The transaction, financed by cash on hand, involved shares bought back at $9.70 per share, marking an 8.5% discount from the closing price of the stock the day it was sold.
Despite posting a net loss of $1.94 million in the first quarter, the broadcaster managed to exceed predictions. This stock buyback could signify a more optimistic outlook for Townsquare Media in the second quarter.
Another positive sign? Over the quarter, Townsquare’s price per share increased from $8.55 to $11.51.
