[Form 4] TOWNSQUARE MEDIA, INC. Insider Trading Activity

Rhea-AI Filing Summary

Stephen A. Kaplan, a director of Townsquare Media, Inc. (TSQ), purchased 10,000 shares of Class A common stock on 08/22/2025 at a weighted average price of $6.92 per share. After this transaction, Mr. Kaplan beneficially owns 208,618 shares of Class A common stock. The filing notes that 194,317 of those shares are not subject to vesting or transfer restrictions.

The reported purchase was executed in multiple trades at prices ranging from $6.91 to $6.92. The filer signed the Form 4 on 08/26/2025 and offered to provide, on request, details of the number of shares bought at each separate price.

Positive

• Director purchased shares (10,000 shares) indicating personal investment in the company
• Beneficial ownership increased to 208,618 shares, with 194,317 shares unrestricted
• Transparent disclosure of weighted average price and range ($6.91–$6.92) and offer to provide trade-level details

Negative

• None.

Insights

Financial Analyst

TL;DR: Director-level insider purchased 10,000 TSQ shares, modestly increasing his stake to 208,618 shares; transaction appears routine.

The purchase of 10,000 shares at a weighted average price of $6.92 is a straightforward open-market acquisition by a director. It increases the reporting person's beneficial ownership to 208,618 shares, of which 194,317 are unrestricted. The size of the buy relative to the total holding suggests modest incremental conviction rather than a material shift in ownership. No derivatives, sales, or transfers were reported, and the filing complies with Section 16 disclosure requirements.

Corporate Governance Expert

TL;DR: Insider purchase by a director signals alignment with shareholders but is not large enough to change governance dynamics.

From a governance perspective, this Form 4 shows the director acquiring additional common stock in the open market. The filing documents clear beneficial ownership and discloses the portion of shares that are unrestricted, which improves transparency. There are no indications of related-party transfers, option exercises, or use of a planned trading program disclosed in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KAPLAN STEPHEN A

(Last) (First) (Middle)

C/O TOWNSQUARE MEDIA INC.

4 MANHATTANVILLE ROAD SUITE 107

(Street)

PURCHASE NY 10577

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Townsquare Media, Inc. [ TSQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/22/2025		P		10,000	A	$6.92(1)	208,618(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.91 to $6.92. The Reporting Person undertakes, upon request by the Staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, to provide full information regarding the number of shares purchased at each separate price.

2. Includes 194,317 shares of Class A common stock that are not subject to vesting or transfer restrictions.

Remarks:

	/s/ Stephen A. Kaplan	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the TSQ Form 4 filed by Stephen A. Kaplan report?

The filing reports Mr. Kaplan purchased 10,000 Class A shares on 08/22/2025 at a weighted average price of $6.92, increasing his beneficial ownership to 208,618 shares.

How many of Stephen A. Kaplan's TSQ shares are unrestricted?

The Form 4 states 194,317 of the Class A shares are not subject to vesting or transfer restrictions.

At what prices were the TSQ shares purchased?

The shares were bought in multiple transactions at prices ranging from $6.91 to $6.92; $6.92 is reported as the weighted average.

When was the Form 4 for TSQ signed by the reporting person?

The signature block shows the Form 4 was signed on 08/26/2025.

Does the Form 4 show any derivative transactions for TSQ by Stephen A. Kaplan?

No. Table II (derivative securities) contains no reported transactions or holdings in this filing.