Welcome to our dedicated page for Townsquare Media SEC filings (Ticker: TSQ), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Townsquare Media, Inc. filings document a public local media and digital advertising company with operating disclosures centered on quarterly results, segment economics, capital returns, and material-event reporting. Form 8-K filings attach earnings releases that report results for the company’s digital advertising, broadcast advertising, and subscription digital marketing activities, along with guidance, dividend actions, debt commentary, and Regulation FD-related disclosure practices.
Definitive proxy materials cover annual-meeting governance, board matters, executive compensation, pay-versus-performance information, equity awards, and shareholder voting items. The filing record also includes exhibit lists and Inline XBRL cover-page data associated with material-event reports.
TSQ reported insider sales under Rule 144. The filing lists 21,090 Class A shares as restricted stock vesting on 03/18/2026 described as compensation, and shows 28,980 Class A shares sold on 03/19/2026. The seller listed is Scott A. Schatz with an address in Purchase, NY. The transaction was reported for NYSE-listed Class A shares.
Townsquare Media, Inc. describes itself as a community-focused, digital-first local media and marketing company operating mainly outside the top 50 U.S. markets. It runs three segments: Digital Advertising (Townsquare Ignite), Subscription Digital Marketing Solutions (Townsquare Interactive), and Broadcast Advertising, plus a smaller live events portfolio.
Digital revenue from Ignite and Interactive was $236.0 million in 2025, or 55% of net revenue, while Broadcast Advertising generated $183.4 million and Other (primarily live events) $8.0 million. The company owns 340 radio stations in 74 markets and more than 400 local websites and apps, supported by substantial first-party data and proprietary ad-tech.
Townsquare highlights a "Digital First" growth strategy, ongoing investment in technology, sales and content, and a large SMB-focused subscription TAM. It notes $433.0 million of debt outstanding as of December 31, 2025, capital expenditures of $15.2 million (3.6% of net revenue), and a workforce of 1,804 employees, while outlining extensive regulatory, macroeconomic, technology and AI-related risks.
Townsquare Media reported softer 2025 results but met its earlier guidance and highlighted continued strength in digital. Full-year net revenue was $427.4M, down 5.2%, while Adjusted EBITDA fell 12.2% to $88.1M. Net loss narrowed by $1.2M to $9.8M, helped by lower impairment charges and cost controls.
Digital operations are now the core of the business, contributing 55% of total net revenue and 56% of Segment Profit in 2025. Within this, Digital Advertising revenue grew 1.6% and Subscription Digital Marketing Solutions revenue slipped 0.7%, but Townsquare Interactive’s Segment Profit rose 17.4% with a strong 34% margin.
Broadcast Advertising remained under pressure, with 2025 net revenue down 12.6%, including an 8.0% decline excluding political. In Q4, net revenue declined 9.6% to $106.5M and the company swung to a net loss of $4.8M, as political advertising and tax benefits dropped and interest expense increased.
Despite higher interest costs, Townsquare generated $30.6M of cash flow from operations in 2025, used to fund digital investments, pay $13.2M in dividends, and reduce debt. Outstanding debt stood at $457.4M at year-end, implying roughly 5.1x net leverage. Since a February 2025 refinancing into a five-year $490M credit facility, the company has reduced debt by $22.6M.
The board approved a quarterly cash dividend of $0.20 per share, payable on May 4, 2026 to shareholders of record on April 27, 2026, which equates to an approximate 11% yield at the last closing price. Management plans to maintain this dividend, citing confidence in the digital strategy and free cash flow profile. For 2026, Townsquare expects net revenue between $420M and $440M and Adjusted EBITDA between $87M and $93M, implying broadly stable performance versus 2025 while continuing to focus on net leverage reduction.
Townsquare Media COO Erik Hellum reported an open-market sale of 20,106 shares of Class A common stock on February 18, 2026 at $6.58 per share.
According to the disclosure, the shares were sold to cover tax withholding after restricted stock units vested, and Hellum held 949,542 shares directly following the transaction.
TSQ reports a proposed sale of 20,106 Class A shares tied to restricted stock vesting on 02/12/2026.
The filing lists three Class A sales by Erik Hellum in the past three months: 5,693 shares on 12/29/2025 for $28,813.41, 7,437 shares on 01/16/2026 for $41,163.80, and 6,522 shares on 01/20/2026 for $36,324.28.
Townsquare Media executive vice president of finance, operations and technology Scott Schatz reported acquiring 980 shares of Class A common stock at $6.61 per share in a dividend reinvestment transaction on February 2, 2026. Following this, he directly holds 58,051 Class A shares, including 20,000 fully vested options, and 196,846 Class B shares, including 175,000 fully vested options, all without vesting or transfer restrictions.
Townsquare Media, Inc. COO Erik Hellum reported two stock sales in January 2026. On January 16, he sold 7,437 shares of Class A common stock at $5.54 per share, and on January 20 he sold 6,522 shares at $5.57 per share. The filing explains that these shares were sold to cover tax withholding requirements following the vesting of restricted stock units, which is a common administrative transaction.
After these sales, Hellum beneficially owned 969,648 shares of Class A common stock. This total includes 132,553 shares that are not subject to vesting or transfer restrictions, 434,901 restricted stock units, and 402,194 fully vested stock options that are not subject to transfer restrictions. The filing also notes that 52,980 performance-based restricted stock units were cancelled on January 18, 2026.
An insider associated with TSQ has filed a Form 144 indicating an intention to sell 6,522 Class A shares through Fidelity Brokerage Services LLC on the NYSE. The filing lists an aggregate market value of $36,324.28 for this proposed sale, with 15,145,320 Class A shares outstanding. The shares to be sold were acquired on 01/16/2026 through restricted stock vesting from the issuer as compensation.
Over the prior three months, the same seller, Erik Hellum, reported selling 5,693 Class A shares for $28,813.41 on 12/29/2025 and 7,437 Class A shares for $41,163.80 on 01/16/2026. By signing the notice, the seller represents that they are not aware of undisclosed material adverse information about the issuer’s operations.
Townsquare Media reported an equity award for its COO, Erik Hellum. On 01/14/2026 he acquired 92,421 Class A common units at $5.41 per unit and a further 189,368 Class A common units at $5.41. These units are structured as restricted stock units, with some vesting over three years based on continued service and others vesting only if the stock reaches specified volume-weighted average price targets. After these awards, Hellum beneficially owned 1,036,587 Class A common units.