Townsquare Media Reports Revenue Increased 7.1 Percent

Townsquare Media, Inc. announced today financial results for the third quarter ended September 30, 2014.

Third Quarter Highlights

• Pro forma net revenue increased 7.1%
• Pro forma Local Advertising net revenue increased 1.9%
• Pro forma Other Media and Entertainment net revenue saw a strong increase 
• Pro forma Adjusted EBITDA excluding duplicative corporate expenses increased 2.7%

Year to Date Highlights

• Pro forma net revenue increased 8.0%
• Pro forma Local Advertising net revenue increased 1.5%
• Pro forma Other Media and Entertainment net revenue saw a strong increase

Steven Price

"We are pleased to announce solid results in the third quarter in line with guidance. In the third quarter, pro forma net revenue grew 7.1%, with strength across both our Local Advertising and Other Media & Entertainment segments. We continue to be pleased with the performance that has been delivered by our diversified revenue strategy," commented Steven Price, Chairman and Chief Executive Officer of Townsquare Media, Inc.

Quarter Ended September 30, 2014 Compared to the Quarter Ended September 30, 2013

• On an actual basis, net revenue increased $27.9 million, or 41.7%, to $94.7 million, compared to $66.9 million in the same period last year. Local Advertising net revenue increased $21.4 million, or 37.1%, to $79.0 million, and Other Media and Entertainment net revenue increased $6.5 million, or 70.5%, to $15.8 million. These increases were primarily attributable to the acquisitions made during the second half of 2013, including certain assets of Peak II Holding, LLC, Cumulus Media Inc. and certain live events.
• Pro forma for completed material acquisitions, net revenue increased $6.3 million, or 7.1%, to $94.7 million, compared to $88.5 million in the same period last year. Local Advertising pro forma net revenue increased $1.5 million, or 1.9%, to $79.0 million. 
• Other Media and Entertainment pro forma net revenue increased $4.8 million, or 43.2%, to $15.8 million, primarily attributable to growth across our live events, digital marketing services and national digital assets.