Connect with us
BNM Summit

Media Business

Townsquare Media Buys Back Nearly $15 Million of Outstanding Stock

“Since 2021, we have repurchased 16.2 million shares at an average price of $7.19, while simultaneously reducing leverage.”

Barrett News Media

Published

on

A photo of the Townsquare Media logo

Townsquare Media has purchased and retired 1.5 million shares of stock totaling nearly $15 million in a move similar to one instituted in 2023.

In June of last year, the company bought 1.5 million shares held by MSG National Properties LLC at $9.70 per share. Townsquare bought another 1.5 million shares from the same company at $9.76 which equated to $14.6 million. The company also purchased 12.6 million shares from Oaktree Capital in March 2021 for $6.40 per share.

“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,” said Townsquare CEO Bill Wilson. “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 actively 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. We thank our Board of Directors for their vote of confidence in our medium and long-term business plan to grow revenue and profits, and MSG for their long-term support of our Company.”

The 1.5 million shares purchased by Townsquare Media in this round represent just under 10% of the total outstanding shares.

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Media Business

NAB Leadership Foundation Announces 2024 Celebration of Service to America Awards

The winners will be honored in a ceremony on Tuesday, June 4th, at The Anthem in Washington, D.C.

Barrett News Media

Published

on

A photo of the NAB Leadership Foundation Celebration of Service to America Awards logo

The NAB Leadership Foundation has announced the winners of the 2024 Celebration of Service to America Awards.

The awards — presented by Bonneville International and Hearst Television — awards distinguished public service companies from local radio and TV stations.

“Television and radio stations are the cornerstones of their communities, and they go above and beyond to serve their audiences,” said NAB Leadership Foundation President Michelle Duke. “From trusted reporting that uncovers corruption to fundraisers that help those in need, these stations are doing incredible work. We can’t wait to share their stories with everyone at the 2024 Celebration of Service to America gala in June.”

The following stations and groups were honored for their efforts:

Service to Community Award for Radio, Broadcast Ownership Group
Bonneville, Maui Strong

Service to Community Award for Television, Broadcast Ownership Group
Cox, Real Estate Racket

Service to Community Award for Radio, Large/Major Market
WFSH-FM, Salem Media Group, Atlanta, Ga., Acts of Love

Service to Community Award for Television – Large/Major Market
WANF-TV, Gray Television, Atlanta, Ga., In Plane Sight

Service to Community Award for Radio – Medium Market
KTXY-FM, Zimmer Communications, Columbia, Mo., Children’s Miracle Network Radiothon

Service to Community Award for Television – Medium Market
KETV-TV, Hearst Television, Omaha, Neb., Voices of GenZ

Service to Community Award for Radio – Small Market
WLBC-FM, Woof Boom, Muncie, Ind., Muncie You-Nite

Service to Community Award for Television – Small Market
WJHG-TV, Gray Television, Panama City, Fla., Chapter Chat

The winners will be honored in a ceremony on Tuesday, June 4th, at The Anthem in Washington, D.C.

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading

Media Business

Mike McVay on Quu Report: Radio Must Present at High Level to Compete With Other Audio Options

“This requires improving the listening experience with both quality and content, as well as displaying text, logos, and other images to enhance the easy accessibility of the medium.”

Barrett News Media

Published

on

A photo of Mike McVay
(Photo: McVay Media)

Quu recently released its inaugural In-Vehicle Visuals report, which showed some encouraging figures for AM/FM radio. However, longtime industry consultant Mike McVay said the business cannot rest on its laurels in an increasingly competitive market.

In a webinar discussing the results of the findings from Quu, McVay was asked to give his key takeaways from the report’s findings.

While he shared his optimism for radio’s future in new automobiles, Mike McVay argued that radio must remain vigilant in maintaining high standards when it comes to how the product is presented to auto owners visually.

“The in-dash experience has to be at a high level for radio to be seen as an equal to the other audio sources available,” McVay said. “This requires improving the listening experience with both quality and content, as well as displaying text, logos, and other images to enhance the easy accessibility of the medium.”

McVay later added that it’s important for radio stations to continue featuring strong mobile apps. He shared an anecdote about his grandchildren taking over the radio in his car, utilizing apps to listen to music stations even when inside the broadcast range because it was easier for them.

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading

Media Business

Urban One President/CEO Alfred Liggins Inks Contract Extension

Liggins has signed a new contract that runs through December 31st and will feature automatic one-year renewals.

Barrett News Media

Published

on

A photo of Urban One President/CEO Alfred Liggins
(Photo: Urban One)

Urban One President and CEO Alfred Liggins has signed an extension to remain with the radio and TV owner.

Liggins has signed a new contract that runs through December 31st and will feature automatic one-year renewals, according to a report from Inside Audio Marketing.

He will make an annual salary of $1.25 million, but with bonuses could reach well over $4 million in compensation. After helping to found the company’s TV One division, Alfred Liggins could receive 4.2% of any sale of the sector should the company pursue a sale.

The 59-year-old has been President of Radio One since 1989 and CEO since 1997. His mother — Cathy Liggins Hughes — founded the company in 1980 after purchasing WOL-AM in Washington D.C. He initially joined the company as an account manager in 1985.

Between radio and TV outlets, Urban One currently owns and operates 61 entities.

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading
Advertisement

Advertisement
Advertisement

Upcoming Events

BNM Writers

Copyright © 2024 Barrett Media.