Townsquare Media, Inc. (formerly Regent Communications until 2010) is an American radio network and media company based in
Purchase, New York. The company started in radio and expanded into digital media toward the end of the 2000s, starting with the acquisition of the MOG Music Network. As of 2019, Townsquare was the third-largest AM–FM operator in the country, owning over 321 radio stations in 67 markets.
History
As Regent Communications
Townsquare Media was established as Regent Communications by Terry Jacobs in 1994. Jacobs was formerly the CEO of
Jacor Communications
Jacor Communications was a media corporation, existing between 1987 and 1999, which owned many radio stations in the United States. In 1998, Jacor was purchased by Clear Channel Communications, now iHeartMedia, for $2.8 billion.
Jacor Communicat ...
, a radio broadcasting company which he created in 1979.
Bill Stakelin later shared chief status in the company with Jacobs, and the two established JS Communications, later selling Regent to Jacor in 1997. Stakelin and Jacobs resurrected the Regent name to replace JS, with approval by Jacor.
Jacobs left the company in 2005.
On October 27, 2008, Regent Broadcasting joined
Radiolicious
Radiolicious was an internet radio service created by MySimBook, based in Lafayette, Louisiana. Users were able to search and listen to terrestrial radio stations.
While listening, users are offered the ability to send in song requests to DJs, e ...
and began streaming on the
iPhone and
iPod Touch
The iPod Touch (stylized as iPod touch) is a discontinued line of iOS-based mobile devices designed and marketed by Apple Inc. with a touchscreen-controlled user interface. As with other iPod models, the iPod Touch can be used as a music pl ...
. Regent is the first major radio group to contract for all of its streaming stations to be available through the Radiolicious application.
As Townsquare Media
Regent filed for
Chapter 11 bankruptcy protection
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whet ...
on March 1, 2010, with $211.3 million in debt, $166.5 million in assets, and a pre-arranged plan for exiting bankruptcy, with the
United States Bankruptcy Court
United States bankruptcy courts are courts created under Article I of the United States Constitution. The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. United States bankruptcy c ...
for the
District of Delaware. The filing plan made
Oaktree Capital Management
Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2022, the company managed $164 billion for its clientele.
The firm was co-founded in 1995 by a group that ...
the majority owner of Regent after the bankruptcy and gave the old shareholders 12.8 cents per share. After the privatization, the company was renamed Townsquare Media by its co-founders Steven Price, Stuart Rosenstein, Alex Berkett, Dhruv Prasad, and Scott Schatz.
Gap Broadcasting Group, another radio group owned by Oaktree, was merged into Townsquare, giving it ownership of 171 radio stations in 36 markets.
In December 2010, the company began to expand its digital media operations, overhauling its stations' websites and launching a new
country music
Country (also called country and western) is a genre of popular music that originated in the Southern and Southwestern United States in the early 1920s. It primarily derives from blues, church music such as Southern gospel and spirituals, ...
news website known as ''Taste of Country''.
Townsquare acquired a number of stations from
Double O Radio
Double O Radio was a privately held media corporation with corporate headquarters in Charleston, South Carolina. At its peak, Double O Radio owned 28 radio stations in the United States.
On August 8, 2011, Double O announced it would merge with T ...
in August 2011.
On April 30, 2012, Townsquare Media announced a deal to acquire 55 stations in 11 markets from
Cumulus Media
Cumulus Media, Inc. is an American broadcasting company and is the third largest owner and operator of AM and FM radio stations in the United States behind Audacy and iHeartMedia. As of June 2019, Cumulus lists ownership of 428 stations in 87 ...
, in exchange for Townsquare's stations in the markets of Bloomington and Peoria, IL and $126 million.
On August 24, 2012, Townsquare reached a deal to acquire the MOG Music Network, an advertising network for music blogs. The network was part of
MOG, a streaming music service that had previously reached a deal to be acquired by
Beats Electronics
Beats Electronics LLC (also known as Beats by Dr. Dre, or simply Beats by Dre) is an American consumer audio products manufacturer headquartered in Culver City, California. The company was founded by music producer Dr. Dre and record company exe ...
.
On October 1, 2012, Townsquare Media created Townsquare Interactive. Townsquare Interactive is the digital marketing division of Townsquare Media and focuses on creating comprehensive web presences for small businesses across the United States.
In June 2013, Townsquare announced it would acquire a number of music-related blogs from
AOL, including ''The Boombox'', ''The Boot'', and ''
Noisecreep
Noisecreep is a hard rock and heavy metal music news and media website based in the United States. The site was created by AOL
AOL (stylized as Aol., formerly a company known as AOL Inc. and originally known as America Online) is an Ameri ...
'', along with ''ComicsAlliance''. The deal came following the abrupt shutdown of AOL's Music division in April 2013.
On August 29, 2013, it was announced that Cumulus would purchase
Dial Global
Westwood One is an American radio network owned by Cumulus Media. The company syndicates talk, music, and sports programming.
The company takes its name from an earlier network also named Westwood One, a company founded in 1978. The company ...
, after the programming syndication service was showing signs of financial distress in late 2012. Cumulus paid $260 million for this service, a portion of which was used to pay off Dial's debt before it was folded into Cumulus. To make the sale work, Cumulus once again made a pair of station deals with Townsquare Media; the first deal sent 53 stations in
Danbury, CT
Danbury is a city in Fairfield County, Connecticut, United States, located approximately northeast of New York City. Danbury's population as of 2022 was 87,642. It is the seventh largest city in Connecticut.
Danbury is nicknamed the "Hat City ...
,
Rockford, IL
Rockford is a city in Winnebago County, Illinois, located in the far northern part of the state. Situated on the banks of the Rock River, Rockford is the county seat of Winnebago County (a small portion of the city is located in Ogle County). ...
,
Cedar Rapids, IA
Cedar Rapids () is the second-largest city in Iowa, United States and is the county seat of Linn County. The city lies on both banks of the Cedar River, north of Iowa City and northeast of Des Moines, the state's capital and largest city. ...
,
Quad Cities, IA–IL,
Waterloo, IA,
Portland, ME
Portland is the largest city in the U.S. state of Maine and the seat of Cumberland County. Portland's population was 68,408 in April 2020. The Greater Portland metropolitan area is home to over half a million people, the 104th-largest metropol ...
,
Battle Creek, MI
Battle Creek is a city in the U.S. state of Michigan, in northwest Calhoun County, Michigan, Calhoun County, at the confluence of the Kalamazoo River, Kalamazoo and Battle Creek River, Battle Creek rivers. It is the principal city of the Battle C ...
,
Kalamazoo, MI
Kalamazoo ( ) is a city in the southwest region of the U.S. state of Michigan. It is the county seat of Kalamazoo County. At the 2010 census, Kalamazoo had a population of 74,262. Kalamazoo is the major city of the Kalamazoo-Portage Metropoli ...
,
Lansing, MI
Lansing () is the capital of the U.S. state of Michigan. It is mostly in Ingham County, although portions of the city extend west into Eaton County and north into Clinton County. The 2020 census placed the city's population at 112,644, makin ...
,
Faribault, MN,
Rochester, MN
Rochester is a city in the U.S. state of Minnesota and the county seat of Olmsted County. Located on rolling bluffs on the Zumbro River's south fork in Southeast Minnesota, the city is the home and birthplace of the renowned Mayo Clinic.
Accor ...
, and
Portsmouth, NH
Portsmouth is a city in Rockingham County, New Hampshire, United States. At the 2020 census it had a population of 21,956. A historic seaport and popular summer tourist destination on the Piscataqua River bordering the state of Maine, Portsmo ...
, to Townsquare for $238 million. The second sent 15 more stations in
Dubuque, IA
Dubuque (, ) is the county seat of Dubuque County, Iowa, United States, located along the Mississippi River. At the time of the 2020 United States Census, 2020 census, the population of Dubuque was 59,667. The city lies at the junction of Iowa, Il ...
and
Poughkeepsie, NY
Poughkeepsie ( ), officially the City of Poughkeepsie, separate from the Town of Poughkeepsie around it) is a city in the U.S. state of New York. It is the county seat of Dutchess County, with a 2020 census population of 31,577. Poughkeepsi ...
, in exchange for Peak Broadcasting's
Fresno
Fresno () is a major city in the San Joaquin Valley of California, United States. It is the county seat of Fresno County and the largest city in the greater Central Valley region. It covers about and had a population of 542,107 in 2020, maki ...
cluster. Peak, which like Dial Global and Townsquare has a large investment held by Oaktree, also had its Boise cluster folded into Townsquare. Due to market overlaps, three of Townsquare's newly acquired stations were placed in a
divestiture
In finance and economics, divestment or divestiture is the reduction of some kind of asset for financial, ethical, or political objectives or sale of an existing business by a firm. A divestment is the opposite of an investment. Divestiture is a ...
trust. The acquisition of the Cumulus stations closed on November 14, 2013.
On February 25, 2014, Townsquare Ignite was created to offer business owners across the United States online advertising solutions, such as PPC, SEM, social media advertising and website retargeting.
On June 24, 2014, Townsquare Media filed for an
IPO
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
on the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
, valued at $143.8 million.
On July 24, 2014, Townsquare Media became a public company with an initial offering price of $11 a share.
In September 2014, Townsquare Media acquired ''
XXL'', ''
King
King is the title given to a male monarch in a variety of contexts. The female equivalent is queen, which title is also given to the consort of a king.
*In the context of prehistory, antiquity and contemporary indigenous peoples, the tit ...
'', and ''Antenna'' from Harris Publications. Townsquare then ceased print publication of ''XXL''.
In August 2015, Townsquare Media acquired
North American Midway Entertainment
North American Midway Entertainment, LLC (NAME) is an American provider of midway (fair), midway services based in Farmland, Indiana, Farmland, Indiana that describes itself as "the world's largest traveling outdoor amusement park." NAME provides ...
of
Farmland, Indiana
Farmland is a town in Monroe Township, Randolph County, in the U.S. state of Indiana. The population was 1,333 at the 2010 census.
History
Farmland was platted in 1852 when the railroad was extended to that point. The town most likely was so nam ...
, an amusement park company with operations in the United States and Canada.
On August 17, 2016,
The Madison Square Garden Company
Madison Square Garden Sports Corp. (also known as MSG Sports) is an American sports holding company based in New York City.
MSG Sports manages professional sports teams. These include the National Basketball Association's New York Knicks and t ...
acquired a 12% stake in Townsquare Media.
On October 16, 2017, Townsquare Media announced the transition of
Steven Price, Townsquare's founder and chief executive officer, to the new role of Executive Chairman of the Board. He was replaced by Bill Wilson and Dhruv Prasad, who are serving as Co-Chief Executive Officers. In addition, Erik Hellum was announced as Chief Operating Officer, Local Media.
On February 15, 2018, Townsquare Media acquired classic rock station WOUR-FM 96.9 from
Galaxy Communications
Galaxy Media (formerly Galaxy Communications) is a radio broadcasting company with radio stations entirely in the Central New York area.
History
Ed Levine, current president, attended the Newhouse School at Syracuse University where his love fo ...
.
On January 2, 2019, Townsquare Media announced the departure of Co-Chief Executive Officer Dhruv Prasad and the transition of Bill Wilson from Co-Chief Executive Officer to sole chief executive officer of the company.
Assets
Radio stations
Web publications and services
* ''Antenna'' – general publication marketed toward youth readers; formerly a print magazine
* ''The Boombox'' – dedicated to hip hop music; previously owned by
AOL
* ''The Boot'' – dedicated to country music; previously owned by AOL
* ''
BrooklynVegan'' – from July 2015 to January 2021; currently owned by Project M Group.
* ''
ComicsAlliance
ComicsAlliance was an American website dedicated to covering the comic book industry as well as comic-related media, and is owned by Townsquare Media. The site has been nominated for multiple awards including a 2015 Eisner Award win in the catego ...
'' – dedicated to comic books; previously owned by AOL
* ''
Invisible Oranges
''Invisible Oranges'' is an American online music magazine dedicated to heavy metal news, band interviews and album reviews. It was founded by Cosmo Lee in September 2006 shortly after emigrating from San Francisco, California, United States t ...
'' – dedicated to
heavy metal music
Heavy metal (or simply metal) is a genre of rock music that developed in the late 1960s and early 1970s, largely in the United Kingdom and United States. With roots in blues rock, psychedelic rock and acid rock, heavy metal bands developed a ...
, from July 2015 to January 2021; currently owned by Project M Group.
* ''Just Jared'' – dedicated to pop culture
* ''
King
King is the title given to a male monarch in a variety of contexts. The female equivalent is queen, which title is also given to the consort of a king.
*In the context of prehistory, antiquity and contemporary indigenous peoples, the tit ...
'' – publication marketed toward African American men; formerly a print magazine
*
Hype Machine –
aggregator of music blogs; previously owned by
SpinMedia
* ''
Loudwire
''Loudwire'' is an American online media magazine that covers news of hard rock and heavy metal artists. It is owned by media and entertainment business Townsquare Media. Since its launch in August of 2011, ''Loudwire'' has secured exclusive ...
'' – dedicated to heavy metal and hard rock music
* ''
Noisecreep
Noisecreep is a hard rock and heavy metal music news and media website based in the United States. The site was created by AOL
AOL (stylized as Aol., formerly a company known as AOL Inc. and originally known as America Online) is an Ameri ...
'' – dedicated to heavy metal and hard rock music; previously owned by AOL
* ''PopCrush'' – dedicated to pop music; also syndicated as a radio program known as ''PopCrush Nights''
* ''ScreenCrush'' – dedicated to film and television
* ''Taste of Country'' – dedicated to country music
* ''Ultimate Classic Rock'' – dedicated to rock music categorized as
classic
A classic is an outstanding example of a particular style; something of lasting worth or with a timeless quality; of the first or highest quality, class, or rank – something that exemplifies its class. The word can be an adjective (a ''c ...
; also a radio show on some Townsquare stations
* ''
XXL'' – online magazine and website dedicated to hip hop; formerly a print magazine
References
External links
*
*
{{Authority control
Mass media companies established in 1996
Companies that filed for Chapter 11 bankruptcy in 2010
Companies based in Fairfield County, Connecticut
Radio broadcasting companies of the United States
Oaktree Capital Management media holdings
Companies listed on the New York Stock Exchange