Home Login RADIO ONLINE RSS Facebook
Advertisement

Townsquare Media Q3 Net Revenue Up 8.4% to $120.6 Million


Townsquare Media
Townsquare Media

Townsquare Media reported third quarter net revenue increased 8.4% to $120.6 million from $111.2 million in 2021. Broadcast Advertising net revenue gained 3.4%, while Digital advertising net revenue rose 21.3%. Adjusted EBITDA grew 6% to $30.9 million from $29.2 million. Adjusted EBITDA (excluding political) was up 3.1% to $29.6 million from $28.7 million. The company posted a net income of $2.8 million (13 cents per diluted share) as compared to $12.9 million (47 cents) in the year-ago period.

"I am proud to report another record setting quarter of results that clearly demonstrate the undeniable success and differentiation of Townsquare's transformation into a Digital First Local Media company. The Townsquare Team reached alltime Q3 highs with net revenue growth of +8% year-over-year, and Adjusted EBITDA growth of +6% year-over-year, meeting our Q3 guidance. In addition, net leverage declined to an all-time low of 4.54x as we continue to make progress towards our 4x net leverage target," commented CEO Bill Wilson.

"Our growth engine has been and will continue to be our digital solutions, which were the primary driver of our third quarter growth, accounting for half of Townsquare's total revenue and total profit. Total digital revenue increased +17% year-overyear in the third quarter, and trailing twelve-month digital revenue grew to $225 million. As a uniquely positioned Digital First Local Media Company focused principally on markets outside of the Top 50 in the United States, Townsquare has a resilient digital growth engine supported by both a recurring subscription digital marketing solutions business, with a large addressable market and limited competition, and a highly differentiated digital advertising technology platform," he added.

Looking ahead the the fourth quarter, net revenue is expected to be between $116 million and $122 million (+5% to +10% as compared to the prior year), and Adjusted EBITDA is expected to be between $27.7 million and $30.7 million (+8% to +20% as compared to the prior year).

Advertisement

Latest Radio Stories

Jack Speer Retires from NPR After More Than 25 Years
Jack Speer
Jack Speer
NPR's longtime newscaster Jack Speer has announced his retirement, closing a chapter on a career that spanned more than a quarter-century and left an enduring mark on public radio journalism. Speer, whose steady presence and clear delivery became a familiar voice to millions of listeners, joined NPR in 1998. More

KMBY to Celebrate 90th Anniversary with Birthday Bash
KMBY-AM & FM in Monterey
KMBY-AM & FM in Monterey
One of Monterey Bay's most enduring broadcast institutions, KMBY (1240 AM and 106.7 FM), is turning 90 -- and the station is inviting the entire community to celebrate the milestone with a two-day birthday party next weekend. The festivities will take place at KMBY Studios at 651 Cannery Row, Monterey, on More

Amanda Lee Joins KJ103 Morning Show in Oklahoma City
Amanda Lee
Amanda Lee
iHeartMedia has announced that Amanda Lee will be the new morning co-host for KJYO (KJ103) Oklahoma City. Effective immediately, Lee joins hosts TJ and JRod for the newly rebranded "TJ, Amanda, & JRod in the Morning." In her new role, Lee will help guide listeners through the morning with a mix of current More
Advertisement

Lil Shawn Power Joins Party-FM as First On-Air Host
Lil Shawn Power
Lil Shawn Power
Q-Broadcasting's Party FM has adds its first air personality, bringing longtime local radio figure Lil Shawn Power to the afternoon lineup. The bilingual Rhythmic CHR outlet, which airs on WONQ-AM (1030) Oviedo-Orlando and FM translators W230AL (93.9) and W278CN (103.5), had been operating jockless since its More

Joe Bullard Departs 96.1 Jamz After Nearly Three Decades
Joe Bullard
Joe Bullard
Longtime Tallahassee radio personality Joe Bullard has unexpectedly parted ways with WHBX-FM (96.1 Jamz), reports WCTV-TV, ending a remarkable run that spanned nearly 30 years on the Cumulus Urban AC outlet. Bullard's final day on the air was June 17, according to a statement from his family. There was no More

iHeartPodcasts Launches ''American History Hotline''
''American History Hotline''
''American History Hotline''
iHeartPodcasts has launched a new original series titled American History Hotline, a weekly show hosted by musician and history enthusiast Bob Crawford. The podcast debuts today with two inaugural episodes that take listeners on a deep dive into some of the most curious and critical moments in U.S. history. More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement