Townsquare Media reported third-quarter 2025 net revenue of $106.8 million Monday, down 7.4% year-over-year (4.5% excluding political), meeting guidance despite a tough advertising market, as digital operations drove 55% of year-to-date revenue and profit.
Adjusted EBITDA fell 13.5% to $22 million (down 2% excluding political), also in line with expectations, while the company recorded a $5.5 million net loss.
CEO Bill Wilson credited the firm’s “Digital First Local Media” strategy for resilience, with direct digital ad revenue up 7% and Townsquare Interactive profits surging 21% year-over-year.
Digital revenue dipped 1.8% overall due to weakness in indirect sales, but the Interactive division lifted segment margins to 26%.
Broadcast advertising declined 8% excluding political, in line with prior quarters.
Townsquare reduced net debt by $17 million since February’s refinancing, including a $6 million Q3 term loan repurchase at a discount; net leverage now stands at 4.7x. The board declared a 20-cent quarterly dividend—yielding about 13% at recent prices—payable February 2, 2026.
The company operates 357 radio stations and associated digital properties across U.S. small and mid-sized markets, alongside its Townsquare Ignite and Townsquare Interactive digital units.