Net revenue increased $2.8 million (2.1%) to $137.2 million, up from $134.3 million in Q2 2015. Those numbers exclude Townsquare’s live entertainment company NAME, which was purchased in September 2015 and the divestiture of 43 towers. CEO Steven Price said the weakness on the radio side was national business which is “out of our control.”
Townsquare is now reporting earnings in two segments: Local Marketing Solutions, which includes radio and digital and Entertainment, Townsquare’s live events business.
Local Marketing Solutions net revenue increased $2.9 million, or 3.5%, to $86.7 million and Entertainment net revenue decreased $0.1 million, or 0.2%, to $50.5 million. Excluding political revenue, net revenue increased $2.2 million, or 1.7%, to $136.2 million and Local Marketing Solutions net revenue increased $2.4 million, or 2.8%, to $85.7 million.