Townsquare Media, Inc. has made a strategic move by repurchasing and retiring 1.5 million shares of Class A common stock held by MSG National Properties, LLC at a price of $9.76 per share.
This transaction represents an 11% discount from the closing price of the Class A common stock on March 28, 2024. The total value of this repurchase amounts to $14.6 million and was funded entirely with cash on hand. Notably, this action allows Townsquare Media to reclaim just under 10% of its outstanding shares.
Over the years, Townsquare Media has demonstrated its commitment to shareholders through a combination of prudent financial decisions. Their strong cash generation, exemplified by $68 million in cash flow from operations in 2023, has enabled them to accretively repurchase equity and debt.
Additionally, they introduced a high-yielding dividend in 2023, which currently boasts a 7% yield as of March 28, 2024. With a robust cash balance of $40 million, Townsquare Media remains poised for future growth and value creation for investors.
As they continue to evolve, invest in digital growth, and engage with their community, Townsquare Media’s strategic moves reflect their commitment to long-term success and shareholder value.
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