Townsquare Media Completes GAP Acquisitions

RADIO ONLINE | Friday, August 13, 2010 | 2:58pm CT

Townsquare Media has completed its acquisition of GAP Broadcasting and GAP West Broadcasting outlets. The merger adds 111 stations in 23 markets to Townsquare's current 60-station count, which were formerly owned by Regent Broadcasting, totaling 171 stations. Townsquare was formed under CEO Steven Price from Regent Communications when the broadcaster emerged from Chapter 11 bankruptcy last month.

GAP President George Laughlin and GAP West President Erik Hellum remain with combined companies as Senior VPs reporting to Chairman/CEO Steven Price.

"The acquisition of GAP represents another step in the process of transforming Townsquare Media into the local media business of the future. With this transaction, the company greatly expands its audience and advertiser reach. New opportunities to capitalize on our scale are abundant," said Price.

He continued, "George and Erik bring a wealth of experience, talent, and energy and we are excited to welcome them to the team. They will be an integral part of transforming our company into a new type of local media business."

Oaktree Capital Management continues to hold a majority stake in Townsquare.