Townsquare Media has announced today financial results for the third quarter ended September 30, 2017.
“The highlight of Townsquare’s third quarter was, without a doubt, the strength of our Local Marketing Solutions segment, which delivered net revenue growth of 1.7%, and 3.0% excluding political revenue,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare. “However, challenges in our smaller business segment, Entertainment, offset these strong results, resulting in an overall decline to net revenue, net income and Adjusted EBITDA of 1.0%, 9.9% and 11.1%, respectively. Due to these challenges, we have begun a strategic review of our Entertainment business.”
“We are very pleased with the success of our Local Marketing Solutions segment in particular the continued growth of Townsquare Interactive, our digital marketing solutions business, and Townsquare Ignite, our programmatic digital advertising platform,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “Local Marketing Solutions is the core of our business, and the strength of our local products and services have allowed us to deliver consistent growth for the 15th consecutive quarter.”
In October 2017, Bill Wilson and Dhruv Prasad were appointed co-CEO’s of Townsquare, succeeding Steven Price, who is now serving as Executive Chairman.
“The promotion of Bill and Dhruv to co-CEO’s was a well-planned transition, that allows for continuity and stability in our Company,” commented Steven Price. “The Board and I have great confidence in the continuing management team, and I look forward to continuing to shape our strategic direction in my new role.”