Advertisement |
Townsquare Completes Sale of NAME for $23.5 Million
RADIO ONLINE | Thursday, May 24, 2018 |
Townsquare Media has completed the sale of North American Midway Entertainment (NAME) to North American Fairs, an entity owned by Danny Huston, for $23.5 million plus a 15% residual interest in any future proceeds of a sale of NAME in the next ten years. Under the terms of the deal, North American Fairs will acquire all of the issued and outstanding membership interests of NAME's parent company, Heartland Group from the Townsquare Media for total cash consideration of $23.5 million.
In addition, Townsquare will have the right to receive 15% of any sale proceeds if NAME is sold, in whole or in part, in the next ten years. The Company expects to hold the net cash proceeds from the sale on its balance sheet, pending reinvestment.
NAME is a North American mobile amusement company, entertaining approximately 16 million people on an annual basis as the owner and operator of amusement attractions at approximately 150 fairs per year across the U.S. and Canada. NAME has been a subsidiary of the company since it was acquired in 2015. In 2017, Townsquare announced that it was initiating a strategic review of its Entertainment segment, which included NAME.
Advertisement |
Latest Radio Stories
iHM/San Francisco Names Hunt, Loughran as Program Director |
Nueva Network and Zeno Media Teams for Digital Platform |
Triton Digital Issues March 2024 U.S. Podcast Ranker |
Advertisement |
MediaCo Acquires Hispanic Broadcaster Estrella Media |
Adam Carolla Show Podcast Celebrates 15 Year Anniversary |
Premiere, Elvis Duran Add ''Give It A Chance'' Podcast |