TALKERS News Notes
Tide 100.9 Host Wins ABBY Award. Wyatt Fulton, the brand manager for Townsquare Media’s sports talk WTBC-AM/W261BT “Tide 100.9,” wins Best Sports Talk Show in a Medium Market for his “T-Town Sports Daily” program at the Alabama Broadcasters’ Association ABBY Awards. Fulton tells Tuscaloosa Thread, “I am honored to win my first Abby Award in my first year on the air on ‘Tide 100.9!’ I’m extremely grateful and hope to continue building a reputation as an award-winning multimedia sports journalist in Tuscaloosa.”
NYPR Names New Officer. New York Public Radio president and CEO LaFontaine E. Oliver announces that Thomas J. Reno is been named chief operating and financial officer. Reno joins NYPR from Precision Strategies, a DC-based strategic communications agency.
addition, net income (loss) improved $26.9 million year-over-year in the fourth quarter, and $32.1 million in the year, in large part due to a reduction in non-cash impairment charges… Our Broadcast Advertising net revenue declined in-line with our expectations for 2024 (mid-single digit ex-political decline) which aligns with our view that broadcast is a mature cash cow business that will continue to face headwinds going forward, as businesses will continue to share shift from traditional advertising to digital advertising. Thankfully, we are often the beneficiary in that case, as we frequently have the most comprehensive set of digital advertising solutions available in our markets. Digital is and will continue to be Townsquare’s growth engine, and we believe Townsquare’s ability to drive profitable, sustainable digital growth is a key differentiator for our company, and consistent with our strategy of being a Digital First Local Media Company.”
provides Townsquare with a five-year, $470 million senior secured term loan facility and a five-year, $20 million senior secured revolving credit facility. Townsquare used $453 million of net proceeds from the Senior Secured Credit Facility plus cash on hand to redeem the outstanding 6.875% senior secured notes due 2026. Both the term loan and the credit revolver mature on February 19 of 2030.
the fourth quarter of 2024 and the full year ending December 31, 2024 on Thursday, February 27. The company will conduct a conference call at 4:30 pm ET, following the release of its earnings announcement, to discuss its financial results and business outlook.
Townsquare Media, Inc also announces that it will release fourth quarter 2024 financial results before the market opens on Monday, March 17. The company will host a conference call to discuss certain fourth quarter 2024 financial results on that day at 8:00 am ET.
Spadea – morning drive host at WKXW-FM, Trenton “New Jersey 101.5” – and his employer Townsquare Media created an illegal “shadow campaign.” The complaint says Townsquare used radio, social media and public events to promote Spadea’s campaign thereby providing him with “hundreds of thousands of dollars” worth of advertising. Ciattarelli is asking the Commission to deny Spadea’s campaign access to matching public funds and to fine Townsquare for the campaign violations. Spadea’s campaign says the complaint is baseless and that it has complied with election law throughout his campaign. 
advertising and marketing solutions to their expansive customer base, which importantly exists in markets that do not compete with ours. Our expertise is coaching and training high-performing broadcast sales teams to leverage our proprietary programmatic advertising platform and data-driven insights to deliver exceptional results for their clients. By sharing our proven strategies and dynamic approach, we look forward to helping Steel City strengthen their digital capabilities, driving growth and measurable success for their clients.” Steel City Media vice president Michael Frischling comments, “We are excited to partner with Townsquare Ignite in both of our markets. Townsquare has the best digital solutions in the radio industry and a proven track record of delivering great results to clients.”
revenue will be between $117 million and $119 million. Company CEO Bill Wilson adds, “As anticipated, our digital divisions had a very strong fourth quarter, as Townsquare Interactive returned to year-over-year revenue growth, and Digital Advertising net revenue accelerated to year-over-year growth rates in excess of +15%, helped by national digital advertising returning to revenue growth together with ongoing strength in our digital programmatic business. In total, we expect fourth quarter Digital revenue to increase approximately +11% year-over-year, and represent 52% of Townsquare’s net revenue in 2024, a true point of differentiation from others in local media, as we have evolved from a local broadcast radio company that was founded in 2010, to a Digital First Local Media Company with a world class team and a unique and differentiated strategy, assets, platforms and solutions.”
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
Jersey for $133,000. The former sports talk outlet has been dark since late last year due to what at the time was reported as being the result of problems with its nighttime antennae. This deal leaves Townsquare with three signals in the Trenton market: news/talk WKXW-FM “New Jersey 101.5”; CHR WPST-FM, and religion WCHR-AM.
held a hearing to consider whether Spadea’s being on the air after declaring his candidacy constitutes an in-kind contribution to his campaign that violates the states campaign finance laws. While the ELEC ruled Spadea can remain on the air, it required that steps be taken to avoid violating the laws. The ELEC was concerned with the disclaimer that had been airing that mentioned Spadea’s name four times. The new disclaimer is as follows: “Townsquare Media, and New Jersey 101.5 do not support, endorse, advocate, encourage, fund, or appeal for the election or defeat of any candidates for public office. Townsquare Media, its affiliates, executives, officers, and employees, including New Jersey 101.5 did not request, suggest, invite or encourage any of its employees to seek public office. Townsquare Media and New Jersey 101.5 have implemented parameters, restrictions and guidelines on the content of this broadcast to eliminate the broadcast of any content endorsing, supporting, encouraging, advocating, promoting, or appealing for the nomination, election or defeat of any candidates for public office.” 
the commission will be “monitoring” his program. Spadea declared his candidacy a couple of weeks ago and filed the Form -D1 but has not filed his nominating petition since the primary race is not until next June. At that time, he will be a legally qualified candidate and will leave the air. On Friday, the commission was hearing arguments whether his being on the air is an in-kind contribution from employer Townsquare Media and violates the state law that prohibits single-source contributions of more than $5,800. Lawyers for fellow Republican primary candidates Jack Ciattarelli and Jon Bramnick argued that Spadea’s program is all about his thoughts on public policy, thereby giving him a thing of value. But Townsquare’s attorney stated Spadea doesn’t use his show to “express advocacy” and that it has “no value” to his candidacy. 
Bill Doyle from the co-host role. The new “Deminski & Moore” show airs from 2:00pm to 7:00 pm. Deminski states, “The stupid robots in grocery aisles, your phone that fell in a toilet, the governor’s hairstylist somehow avoiding charges, the fact that Kylie still doesn’t understand how to eat M&Ms, the neurosis we all have and never dare talk about. Kylie is fun, smart, and unique. I love the wide range of topics we’ll be able to cover.” Moore says, “I’m excited to partner with Jeff Deminski. He’s one of the hardest-working and most genuine people I know, and you can hear his passion through the airwaves. He can make me laugh, think critically, and argue with him all before we hit our first traffic break!”
alongside Jeff Deminski on Townsquare Media’s news/talk WKXW-FM, Trenton “New Jersey 101.5.” It’s unclear whether this move was budget related or precipitated by something else, but Doyle’s info has been scrubbed from the “New Jersey 101.5” website and Deminski is listed as solo host in afternoons. Deminski and Doyle had been on-air partners since 1994, serving two stints with NJ101.5 from 1994 – 1999 and from 2011 to the present. TALKERS’ attempts to contact management at the Townsquare Trenton offices were unsuccessful.
over 2022, and that home break-ins to get key fobs are on the rise. New Jersey 101.5 senior political director Eric Scott says, “These are not teens looking for a joyride. Sophisticated criminal enterprises are behind the majority of car thefts in New Jersey with proceeds being used to fund international crime and terrorism.” The program’s panel will include New Jersey Attorney General Matthew Platkin, Monmouth County Sheriff Shaun Golden, Marlboro Mayor Jonathan Hornik, New Jersey Congressman Josh Gottheimer, and Christine O’Brien, president of the Insurance Council of New Jersey.
was $34.1 million, up 1.3% over Q1 of 2023. Broadcast Advertising net revenue was $45.5 million, down just 1% from a year ago. Townsquare CEO Bill Wilson comments, “I am pleased to share that Townsquare’s first quarter results met our previously issued guidance, and that we are building momentum and gaining market share, primarily due to our local focus and our unique and differentiated digital platform… Our first 
quarter performance improved over the fourth quarter across each of our segments. Importantly, our Digital Advertising segment returned to revenue growth in the first quarter (+1.3% year-over-year), and our Townsquare Interactive segment achieved net subscriber growth and month-over-month revenue growth in March, a meaningful turning point for the business. In total, Digital represented 53% of Townsquare’s first quarter 2024 net revenue and Adjusted Operating Income. The strong cash generation characteristics of our assets provided us the ability to execute two attractive equity transactions in April using cash on hand: the accretive share repurchase of 1.5 million shares from MSG at an 11% discount to the pre-announcement share price, and an option buyout at an attractive price point, thereby avoiding shareholder dilution. In addition, during the quarter we repurchased $4 million of our common stock and paid a high-yielding dividend while also investing in our business. We ended the quarter with a strong cash balance of $57 million, and following the April equity transactions, maintained a cash balance of $28 million at the end of April, retaining financial flexibility moving forward.”
follows last week’s repurchase of 1.5 million shares from MSG at $9.76 per share, the June 2023 repurchase of 1.5 million shares from MSG at $9.70 per share, and the March 2021 repurchase of 12.6 million shares and warrants from Oaktree Capital Management, L.P. at $6.40 per share. Like last week’s 1.5 million share repurchase from MSG, the purchase price of $10.8 million will be funded entirely with cash on hand. Townsquare CEO Bill Wilson comments, “We are very pleased to share that we were able to buy the IPO options at a net purchase price of $3.62 per option, eliminating the overhang and the shareholder dilution that would have occurred had these in-the-money options been exercised in the open market before they expired this July. The members of management and the board that were involved in this transaction have been with Townsquare for over a decade, demonstrating that our longterm incentive plan was, and continues to be, effective in retaining top talent. In total, our management team owns approximately 11% of shares outstanding today and are well aligned with the company’s investors to build shareholder value.”
Townsquare’s Cash Flow from Operations increased 35% year-over-year to $68 million, or approximately $4.07 per basic share based on shares outstanding as of March 28, 2024. Pro forma for this transaction, Cash Flow from Operations per basic share increased to approximately $4.47, representing accretion of approximately 10%. Following the transaction, the Company has 15.2 million shares outstanding. Townsquare CEO Bill Wilson says, “We are very pleased to share that we have repurchased just under 10% of our total shares outstanding in an immediately accretive transaction for our shareholders. Since 2021, we have repurchased 16.2 million shares at an average price of $7.19, while simultaneously reducing leverage. The strong cash generation characteristics of our business model, which produced $68 million of cash flow from operations in 2023, has afforded us the opportunity to accretively repurchase equity and debt, while also investing internally in our digital growth engine. In addition, we introduced a high-yielding dividend in 2023, and recently increased it by 5%. Our dividend has a yield of 7% as of March 28, 2024. With a strong cash balance of $40 million following this transaction, we will retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue, Adjusted EBITDA and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
Station senior political director Eric Scott will moderate the town hall and he says, “Participating in youth sports can benefit our kids in so many ways. Unfortunately, the actions of just a few parents can spoil the experience for everyone.” The program’s on-air panel will feature Dr. Jason Krystofiak, division chief of sports medicine at Cooperman Barnabas Medical Center; Colleen Maguire, executive director of New Jersey State Interscholastic Athletic Association; Dr. Mike Gross, a clinical and sport psychologist and head of sport psychology at Princeton University; and Robert Everett, a former president of Berkeley Little League.
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.”