Townsquare Media Reports Q4 2023 Revenue Down 4.6%
Reporting its operating results for the fourth quarter of 2023 and for the full year of 2023, Townsquare Media posts Q4 net revenue of $114.8 million, down 4.6% from the same period in 2022. For the quarter it reports a net loss of $1.9 million. Net revenue for the full year of 2023 was $454.2 million, a decrease of 1.9% from the full year of 2022. Townsquare Media CEO Bill Wilson says, “I am pleased to share that Townsquare’s fourth quarter results met or exceeded our previously issued guidance, and our full year results met the guidance that we issued at the start of 2023… Our Digital Advertising segment delivered net revenue and Adjusted Operating Income growth this year (each +7% year-over-year), offsetting
weakness in the national and network marketplace, and first-time hurdles in our Subscription Digital Marketing Solutions segment. In total, Digital now represents 51% of Townsquare’s 2023 net revenue and 55% of our 2023 Adjusted Operating Income, and maintained a 30% Adjusted Operating Income margin, consistent with 2022’s margin. The strong cash generation characteristics of our assets allowed us to produce $68 million of cash flow from operations in 2023, an increase of $18 million, or +35%, as compared to the prior year. We could not be more pleased to share that given our strong cash position, we were able to repurchase and retire approximately $27 million of our Unsecured Senior Notes at a discount during the year. In addition, we repurchased $17 million of our common stock, and paid a high-yielding dividend while also investing in our business. We also ended the year with a strong cash balance of $61 million and net leverage of 4.43x, retaining financial flexibility moving forward. Despite the lack of tailwinds at our back in 2023, I am very pleased with how the Townsquare team navigated the progressively challenging economic landscape. We outperformed competitors and gained market share due to our local focus and our digital platform. I believe that our performance over the past several years has demonstrated the efficacy of our Digital First Local Media strategy and validated our focus on local markets outside of the Top 50 U.S. cities, reinvigorating my confidence in our business model and our path moving forward.”
and WEPN-AM), but Karmazin said the move had nothing to do with his company not renewing its lease on WEPN-FM (which ends later this summer) but that it’s a company decision. TALKERS noticed that news/talk WTMJ, Milwaukee did not appear in Nielsen’s January PPM survey and reached out to GKB for an explanation, but the company did not reply to our request. Karmazin told Best, “It’s outdated to use one form of media to measure a show, especially one that doesn’t reflect the entire listening audience and viewing audience across all the different ways we distribute our media now.” 
WHO morning show. Today, Simon Conway – the station’s PM drive host – was part of the on-air team. Amy Sweet posted the following message to Facebook, “Our sincere appreciation goes out to every listener who has tuned in to WHO over the years, making it possible for us to build upon the rich tradition of excellent programming that sets us apart from other stations. We have truly enjoyed connecting with each one of you through various initiatives designed to foster deeper connections within our beloved community. As we move forward into unknown territories, we are filled with anticipation and hope for what lies ahead!”
pm to 6:00 pm show. Young served for years as the station’s morning drive host and retired from that position at the end of 2022. Young has been producing a weekly podcast that drops Wednesday mornings, a project he will continue. 
Original ideas are golden and rare. Here are five ideas worth stealing because of their novelty, success and oh-wow factor!
questions as it did answers about what young broadcasters entering professional media today should be prepared for in navigating the unpredictably turbulent waters of the next decade and beyond. Among the sweeping panorama of topics covered in his address, Harrison told the students, “When looking to the future, don’t be too sure that current events will follow a predictable script. There are always ‘black swan events’ that change the storyline and our expectations in an instant. Plus, there are multiple outcomes, possibilities, and forks in the road for almost every situation.” Regarding the current focus on artificial intelligence, Harrison advised, “All technology is a double-edged sword and AI will prove to be a particularly consequential one with both positive and negative implications. However, don’t fall into the age-old trap of thinking that productions and performances created or enhanced by new technology are necessarily ‘artificial’ or ‘fake.’ New tools not only create new art, they have an irrepressible influence on giving rise to new culture. The immediate years ahead are likely going to provide us with the challenging question of ‘what does it mean to be truly human?’” Harrison concluded, “As young broadcasting students in 2024 looking to make a difference in the world, be prepared to face the challenge of following your dreams, ideals and inspiration while confronting the harsh realities of making a living in a stressed environment of relentless change. We live our lives in this business at the dangerous intersection between art and commerce.”
building “Sports Rap Radio” to air on Audacy’s WXYT-AM, Detroit with a target launch of mid-May. In what will likely be a first in sports talk radio, the lineup of air talent will be all-Black. WXYT-AM currently airs Audacy’s BetQL Network programming. Parker is quoted by the Detroit News saying, “It will be young people getting opportunities and former athletes, from Detroit or with ties to Detroit.” The lineup will be local from 7:00 am to 7:00 pm and will segue into FOX Sports Radio’s “The Odd Couple” featuring Parker and Chris Broussard at 7:00 pm. Parker plans to fill the overnight hours with podcasts featuring Black hosts. 
When reviewing our industry’s awards such as the Crystals or Marconis there are two categories missing. They are: “Best New” and “Best Innovation.” Imagine if winners were announced for these prizes:
“He arrived in the area in 1986, and in 1994, he helped launch WDFN ‘The Fan.’ In the late 1990s, he teamed with Bob Wojnowski for the ‘Stoney and Wojo Show,’ that made Stone a household name for decades to come.” Stone told his listeners, “I am somewhat sad that I will not be on the air every day. But I know that sadness ends when there’s no fricking alarm at 4:30 in the morning.” 
should keep quarterback Justin Fields or trade him in the upcoming draft for the #1 pick. Parkins and Spiegel will kick off the discussion from Audacy Chicago’s Blue Cross Blue Shield Performance Stage from 2:00 pm to 6:00 pm. Football experts and a live audience will join Parkins and Spiegel to weigh in on the looming decision. “The Score” ran a contest this week for a chance to attend the “QB1 Town Hall.” These winners will make up the crowd that will have the opportunity take part in the debate. WSCR VP of programming Mitch Rosen says, “This decision will determine the entire season’s trajectory and the fans are passionate about their views on it. We’re looking forward to opening up this conversation to our listeners and Bears faithful.” The show is being made available via the Audacy app & website, the station’s Twitch, and YouTube channels. 
says, “Back in Spring of 2009, during the chaos and sleepless nights involved in launching this national media company, the media gods sent me an angel in the form of Michelle Salvatore. Michelle faced down every challenge, worked tirelessly and with good cheer, and set a gold standard of excellence for not only Compass Media Networks, but our industry. We love and will miss Michelle dearly. Our goal is to build upon the greatness she created as we move ahead into the next chapter of our evolution.” Salvatore comments, “Working at Compass Media Networks literally changed my life for the better. I was able to travel the globe, producing games throughout the United States, Latin America and Europe, and had the chance to work with incredibly talented, passionate, and kind people. I am forever grateful to my dear friends at Compass Media Networks.”