Townsquare Media Filing with FCC Explains Ownership Changes
|RADIO ONLINE | Wednesday, July 17, 2019|
In a filing with the FCC, Townsquare Media, which is controlled by entities related to Oaktree Capital Group, revealed that Oaktree is in the process of implementing an merger agreement with Brookfield Asset Management, who is acquring 62% of Oaktree. The $4.8 billion deal announced in March would keep control of the radio group under the same three individuals. The filing contained multiple flow charts to explain changes to the ownership structure of the radio group's major stakeholder.
According to the filing, one entity in the Oaktree portion of Townsquare's ownership structure will be removed and replaced by two new entities. Specifically Oaktree AIF Holdings, Inc. (transferer) will be removed and replaced by Oaktree AIF Investments, and its immediate parent, Atlas OCM Holdings. There will be no changes in the ownership of any indirect or direct subsidiaries of transferee said the filing.
Following consummation of the changes proposed in the company's FCC application, the same three individuals will remain in control of Townsquare Media and its various subsidiaries. In total, the application is one of 69 being filed -- one for each Townsquare licensee entity. All 69 applications are identical except for the name of the licensee and the radio stations licensed to the 69 respective licensees.
Howard Marks and Bruce Karsh will remain co-chairs of Oaktree, which has a 52% stake in Townsquare Media.