GREENWICH, Conn., Feb. 15, 2018 /PRNewswire/ -- Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare") today announced that it has entered into an agreement to acquire classic rock station WOUR-FM 96.9 (the "Station") in Utica, NY from Galaxy Communications, LLC (the "Acquisition"). In addition, pursuant to a Joint Sales Agreement, Townsquare will take over all sales efforts for the Station effective immediately.
"We are pleased to announce this strategic acquisition which will strengthen our market leading position in Utica, NY," commented Townsquare Co-Chief Executive Officer Bill Wilson. "Our existing asset portfolio of three FM stations and one AM station currently captures the number one revenue and audience share in the market. Adding WOUR, the leading classic rock station in Utica, will expand the marketing solutions we offer our local clients while also significantly expanding our local audience and advertiser base. We are confident that our strong local team, led by Karen Carey, Market President/Chief Revenue Officer of Townsquare Utica, will drive continued success in the market."
Karen Carey added, "We are excited to add the powerful WOUR brand to our portfolio of top performing local stations, local digital platforms and local live events. WOUR is a heritage station in Utica with a valuable loyal audience and great advertiser relationships. We feel that WOUR is the perfect complement to our existing brands (Big Frog 104, Lite 98.7, 96.1 The Eagle and WIBX) and will allow us to offer more robust marketing solutions to our clients."
WOUR-FM will join Townsquare's existing Utica, NY stations: WFRG-FM 104.3, WLZW-FM 98.7, WODZ-FM 96.1 and WIBX-AM 950. Pro forma for the Acquisition, Townsquare will own 318 radio stations in 67 small and mid-sized markets, maintaining its position as the third largest owner of radio stations in the United States. Townsquare expects the Acquisition to close in the second quarter of 2018, subject to closing conditions and customary regulatory approvals.
Bergner & Co. represented the seller in connection with the Acquisition.
About Townsquare Media, Inc.
Townsquare is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the U.S. Our assets include 317 radio stations and more than 325 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 12,000 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), and approximately 550 live events with nearly 18 million attendees each year in the U.S. and Canada. Our brands include iconic local media assets such as WYRK, KLAQ, K2 and NJ101.5; acclaimed music festivals such as Mountain Jam, WE Fest and the Taste of Country Music Festival; unique touring lifestyle and entertainment events such as the America on Tap craft beer festival series and North American Midway Entertainment, North America's largest mobile amusement company; and leading tastemaker music and entertainment owned and affiliated websites such as XXLmag.com, TasteofCountry.com, Loudwire.com and BrooklynVegan.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.
Forward Looking Statements
Statements in this press release that are not historical are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current beliefs and expectations and are subject to uncertainty and changes in circumstances. They contain words such as "believe," "intend," "expect" and "anticipate" and include statements about expectations for the Company's operations, markets, products, services, financial results and other risk factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including under the "Risk Factors" section in the Company's most recent Form 10-K and other SEC filings. Unless otherwise required by applicable laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information or future developments.
SOURCE Townsquare Media, Inc.