Townsquare Net Revenue Jumps 9.7 Percent

Townsquare Media, Inc. announced today financial results for the third quarter ended September 30, 2015.

Townsquare's net revenue for the third quarter increased over the prior year period by 9.7%  (excluding the acquisition of North American Midway Entertainment ("NAME") and 7.1% including NAME and on a constant currency basis, driven by growth across each of its operating segments.

"We believe our third quarter performance again demonstrates the strength of our diversified strategy,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare. “Our results were in line with our guidance and our strong cash flow generation also allowed us to strengthen our balance sheet through the voluntary repayment of $20 million of our outstanding term loan debt.”

Third Quarter Highlights As compared to the third quarter of 2014 on a pro forma basis:

• Net revenue increased 4.2%, and 5.1% excluding political revenue
• On a constant currency basis, net revenue increased 7.1% and 8.0% excluding political revenue
• Excluding NAME, net revenue increased 9.7%, and 11.0% excluding political revenue
• Pro forma Adjusted EBITDA decreased 4.6%, and 1.7% on a constant currency basis, in line with guidance and in part due to the reduction in political revenue

Year to Date Highlights As compared to the first nine months of 2014 on a pro forma basis:

• Net revenue increased 5.3%, and 5.9% excluding political revenue
• On a constant currency basis, net revenue increased 6.6% and 7.3% excluding political revenue
• Excluding NAME, net revenue increased 8.0%, and 8.9% excluding political revenue

Steve Price

Price continued, “This was an exciting quarter for Townsquare as we completed the acquisition of NAME, the largest provider of rides, games and food concessions in North America. NAME fits squarely within our core stated strategy of providing affordable, family-friendly entertainment content. We see many benefits of a combined company, including leveraging our radio and digital assets to drive awareness and attendance to NAME’s fairs. The addition of NAME strengthens our position as an operator of market leading media and entertainment assets, focused on small and mid-sized markets, offering premium content and experiences to its audience and connecting advertisers with consumers, whether it be on-air, online, or on site."