Townsquare Media
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| Type | Private |
|---|---|
| Industry | Mass media |
| Founded | 1996 |
| Headquarters | Greenwich, Connecticut[1] |
| Key people | Steven Price (Chairman/CEO) Stuart Rosenstein (executive vice president/CFO)[2] |
| Services | Radio broadcasting |
| Owner(s) | Oaktree Capital Management[1] |
| Website | http://www.townsquaremedia.com/ http://www.townsquaremediagroup.com |
Townsquare Media (formerly Regent Communications Inc. until 2010) is an American radio broadcasting corporation, based in Greenwich, Connecticut. As of August 13, 2010[update], after it acquired sister companies Gap Broadcasting and GapWest Broadcasting, it owned 171 radio stations in 36 radio markets, with concentration in the Northeast, Midwest, Southwest, and Mountain states.[1]
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History [edit]
Regent Communications (former Pink Sheets ticker symbol RGCI) was founded in 1996 by Terry Jacobs and Bill Stakelin.[citation needed] Jacobs later since retired from the company and Stakelin became its CEO.
On October 27, 2008 Regent Broadcasting joined Radiolicious and began streaming on the iPhone and iPod Touch. Regent is the first major radio group to contract for all of its streaming stations to be available through the Radiolicious application.[3]
Regent filed Chapter 11 bankruptcy 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 for the District of Delaware. The filing plan made Oaktree Capital Management the majority owner of Regent after the bankruptcy and gave the old shareholders 12.8 cents per share.[4] After the company privatization, the company was given its new name, Townsquare Media.[5]
Oaktree Capital Management owned the radio group Gap Broadcasting.[citation needed] On August 13, 2010, Townsquare, which had about 62 radio stations in 13 radio markets in 2008,[3] acquired Gap and its 111 stations in 23 markets. The combination gave Townsquare ownership of 171 radio stations in 36 markets.[1]
On December 13, 2010, Townsquare launched a new country music news website called Taste of Country.[6] This joins sister site Ultimate Classic Rock[7].
Townsquare acquired Double O Radio in August 2011.[8]
On April 30, 2012 Townsquare Media announced a deal to acquire 55 stations in 11 markets from Cumulus Media, in exchange for Townsquare's stations in the markets of Bloomington and Peoria, IL and $126 million in cash.[9][10]
On August 24, 2012, Townsquare reached a deal to acquire the MOG Music Network, an advertising network for music blogs, from MOG, a streaming music service that had reached a deal to be acquired by headphone maker Beats Electronics.[11]
Leadership [edit]
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This section is outdated. (May 2010) |
As of April 2007[update], prior to bankruptcy, the board of directors of Regent included seven members:
- William P. Sutter, Jr. (Chairman of the Board) — adjunct professor of finance at Northwestern University's Kellogg Graduate School of Management, and principal with Hopewell Ventures
- William L. Stakelin — president and chief executive officer of Regent
- John H. Wyant — president of Blue Chip Venture Company
- Timothy M. Mooney (Chairman of the Audit Committee) — vice president of operations at St. Xavier High School (Cincinnati)
- Andrew L. Lewis IV — board member and advisor, Brynwood Partners
- John Ahn — principal, Riley Investment Management
- John DeLorenzon — CFO, Entravision Communications
Currently, the Townsquare Media management team includes:
- Steven Price, Chairman and Chief Executive Officer
- Stuart Rosenstein, Executive Vice President and Chief Financial Officer
- Bill Wilson, Executive Vice President and Chief Digital Officer
- Alex Berkett, Executive Vice President, Business Development and Mergers and Acquisitions
- Erik Hellum, Executive Vice President, Radio
- Dhruv Prasad, Executive Vice President, Live Events
References [edit]
- ^ a b c d "Townsquare Media Acquires GAP Radio Broadcasting" (Press release). Greenwich, Connecticut: Townsquare Media. 2010-08-13. Retrieved 2010-08-15.
- ^ "Business Announcements for the week of 5/9-5/15/2010". El Paso Inc. (El Paso, Texas). Retrieved 2010-05-14.
- ^ a b "Regent Communications Announces Agreement With Radiolicious" (Press release). Cincinnati, Ohio: Regent Communications, Inc. PRNewswire. 2008-11-12.
- ^ Nadgir, Santosh (2010-03-01). "Radio broadcaster Regent Communications files Ch. 11 (Update 3)". Bangalore. Reuters. Retrieved 2010-03-02.
- ^ "Regent Communications, just out of Chapter 11, becomes "Townsquare Media", changes CEO & CFO". Radio-Info.com. 2010-05-03.
- ^ "Townsquare Media Bolsters Management Team and Re-Launches Over 30 Digital Properties" (Press release). Greenwich, Connecticut: Townsquare Media, LLC. 2010-12-13.
- ^ http://ultimateclassicrock.com/
- ^ "Townsquare Media Buying Ten Oneonta-Area Stations | CNYRadio.com / CNYTVNews.com". Cnyradio.com. 2011-08-08. Retrieved 2012-11-18.
- ^ [1][dead link]
- ^ "The Music Radio Trade Publication". RadioInfo. Retrieved 2012-11-19.
- ^ "Remaining half of Mog Music Network sells to Townsquare Media Group". MusicWeek. Retrieved 24 August 2012.
External links [edit]
- Townsquare Media — official site
- Taste of Country — country music news site owned by Townsquare
- Ultimate Classic Rock — classic rock news site owned by Townsquare
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