Townsquare Media Inc Stock Price, News & Analysis

Townsquare Media (NYSE: TSQ) reported its Q4 and full-year financial results for 2020, revealing a net revenue decline of 3% in Q4 and 13.9% for the year. Adjusted EBITDA increased by 8% to $27 million in Q4, while digital revenues grew by 6% year-over-year, comprising 44% of total net revenue. The company successfully refinanced $550 million in debt and repurchased shares from Oaktree Capital at $6.40 per share, a move expected to enhance cash flow per share. Despite challenges, Townsquare remains optimistic about its "Local First" strategy and future growth.

Townsquare Media, Inc. (TSQ) announced the repurchase of Oaktree Capital Management's 12.6 million shares and warrants at $6.40 per security, totaling $80.4 million. This transaction represents a 39% discount to the closing price on March 9, 2021, and is projected to be accretive to earnings per share and free cash flow per share by over 70%. Following the buyback, approximately 16 million securities remain outstanding. The company will also pay Oaktree a $4.5 million consent fee, enhancing shareholder value by eliminating ownership overhang.

Townsquare Media (NYSE: TSQ) announced that CEO Bill Wilson and CFO Stuart Rosenstein will attend two investor conferences. The conferences include the Guggenheim Virtual Broadcasting Symposium on March 4, 2021, and the Deutsche Bank Virtual Media, Internet & Telecom Conference on March 8, 2021. Management will also be available for one-on-one and small group meetings with investors. Townsquare focuses on digital media and marketing solutions outside the top 50 U.S. markets, operating 322 local radio stations and various digital brands to support approximately 22,750 small and medium businesses.

Townsquare Media announced a significant repurchase agreement to buy back a minimum of 10 million shares from Oaktree Capital at $6.40 per share, representing a 19% discount from the recent closing price. The deal, pending FCC approval, will reduce outstanding shares by nearly one-third, enhancing shareholder value. The repurchase is viewed positively by the company's CEO, as it alleviates concerns about Oaktree's influence on investor interest. The total expected purchase price is at least $64 million, with potential options for future purchases.

Townsquare Media (NYSE: TSQ) announced that CEO Bill Wilson will present at NobleCon17 on January 19, 2021, at 4:30 p.m. Eastern Time. The virtual conference is free to attend, and a high-definition video of the presentation will be available the following day on the company's investor relations website. The webcast will be archived for 90 days. Townsquare Media specializes in community-focused digital media and marketing, operating 322 local radio stations and digital platforms for over 21,900 small and medium businesses.

Townsquare Media has priced an offering of $550 million in 6.875% senior secured notes due in 2026, targeting qualified institutional buyers and international investors. The notes will be secured by the Company and certain subsidiaries, with closing expected on January 6, 2021. Proceeds will be used to repay existing credit facilities, redeem outstanding 6.500% senior notes due 2023, and cover related expenses. The offering will not be registered under the Securities Act, thus limiting sales in the United States.

Townsquare Media, Inc. (NYSE: TSQ) announced preliminary estimated financial results for Q4 and the full year 2020. Expected Q4 net revenue ranges between $107 million and $109 million, reflecting a decline of approximately -2.7% to -4.5%, outperforming their prior goal of -7.5%. Adjusted EBITDA for Q4 is projected at $27 million to $28 million, showing annual growth of 8.3% to 12.3%. The results are subject to finalization and could differ due to various factors, including the ongoing impact of COVID-19.

Townsquare Media, Inc. (NYSE: TSQ) announced the offering of $550 million in senior secured notes due 2026. The offering is aimed at qualified institutional buyers and foreign investors. The funds will be used to repay existing senior secured credit facilities and redeem 6.500% senior notes due 2023. The Notes will not be registered under the Securities Act, limiting their sale in the U.S. The Company aims to enhance its financial structure through this transaction.

Townsquare Media (NYSE: TSQ) announced that CEO Bill Wilson and CFO Stuart Rosenstein will participate in the Bank of America Merrill Lynch 2020 Leveraged Finance Virtual Conference on November 30 and December 1, 2020. Wilson's presentation is scheduled for 11:15 a.m. ET on November 30. A live webcast and replay will be accessible on Townsquare's investor relations page. Additionally, management will engage in one-on-one and small group meetings with investors, highlighting Townsquare's focus on local advertising and marketing solutions across the U.S.