Regent Becomes Townsquare Media, Price New CEO

RADIO ONLINE | , , | :am CT

Regent Communications changes its name to Townsquare Media and Steven Price, co-founder of media investment firm FiveWire Ventures, is named Chairman/CEO. FiveWire co-founder Stuart Rosenstein is appointed Executive VP/CFO of the company. Former CEO Bill Stakelin resigns, as does CFO Tony Vasconcellos. Townsquare emerged from bankruptcy protection on April 27.

A fund managed by Oaktree Capital Management LP owns a majority equity stake in the company. Messrs, while Price and Rosenstein intend to make a significant equity investment in the company. Price and Rosenstein will succeed William Stakelin and Anthony Vasconcellos, who resigned.

"Stuart and I are pleased to join Townsquare Media and look forward to building, through internal growth and acquisitions, a leading provider of local media, entertainment and commerce in small and mid-sized markets," said Price. "The radio business is undergoing massive change and we are excited to invest in and build upon Townsquare Media's leadership positions in its markets to develop a new media business for the 21st century, focused on local media across multiple platforms."

"I am delighted to have the opportunity to be part of the Townsquare team as it starts a new chapter and concentrates on expanding its audience, serving advertisers and driving innovative digital products," added Rosenstein. "Together, we are focused on strengthening the Company's operational execution and creating value for all of our stakeholders, particularly our clients, employees and investors."

"Tony and I are both very proud of our accomplishments at Regent, which has consistently performed as a radio industry leader due primarily to the outstanding abilities of our employees," said Stakelin. "We wish the company well and wish the new owners and management team well with their decision to take the Company in a new direction."