TOWNSQUARE ACQUIRING LOCAL MEDIA ASSETS FROM CHERRY CREEK
PURCHASE, N.Y., March 24, 2022 /PRNewswire/ -- Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare", the "Company," "we," "us," or "our") announced today that it has executed definitive documentation to acquire Cherry Creek Broadcasting LLC ("Cherry Creek") for $18.75 million. Simultaneously, and due to FCC ownership limitations, Townsquare will divest six radio stations in Missoula, MT, to Anderson Broadcasting, Legacy Broadcasting (a non-profit organization), and Missoula Community Radio (also a non-profit organization), and place two radio stations in Tri-Cities, WA in a divestiture trust. Pro forma for the acquisition and divestitures (collectively known as the "Transaction"), Townsquare will add assets including 35 local radio stations in nine markets, increasing its portfolio of market leading local radio stations to 356 in 74 markets. This Transaction solidifies Townsquare's position as the the only local media and digital marketing solutions company of scale focused principally on markets outside of the Top 50 in the United States, a vital differentiator for our Company.
- PURCHASE, N.Y., March 24, 2022 /PRNewswire/ -- Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare", the "Company," "we," "us," or "our") announced today that it has executed definitive documentation to acquire Cherry Creek Broadcasting LLC ("Cherry Creek") for $18.75 million.
- "We are very excited to announce the acquisition of Cherry Creek's market leading local media brands.
- The acquisition includes many local heritage brands with strong competitive positions, meaningful audience share, and very talented local teams," commented Townsquare Chief Executive Officer, Bill Wilson.
- Townsquare Media, Inc. assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise.