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Why Did TownSquare Sell 6 Stations to Rich Broadcasting?

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CLICK ON DOWNLOAD THIS SHOW TO HEAR OUR EXCLUSIVE INTERVIEW WITH TOWNSQUARE CEO STEVEN PRICE. WHY DID HE SELL 6 STATIONS TO RICH?

February 13, 2011

A company that was seemingly on the way up, in terms of growth, sells six stations out of the blue. Why? Townsquare Media CEO Steven Price in tells Radio Ink Magazine not to look too much into the company's recent sale. It was the right move at the right time.

On January 24th Townsquare announced that it was selling 6 stations to Rich Broadcasting in the Idaho Falls and Pocatello, Idaho markets. The deal is expected to close in the first half of this year pending FCC approval. Townsquare owns and operates 171 radio stations in 36 U.S. cities. Oaktree Capital is the money behind the company.

Price says "don't read too much into the sale" adding Townsquare is still in a growth mode looking for the right deals at reasonable multiples. Price will be a cover story interview on an upcoming issue of Radio Ink magazine.

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