Townsquare CEO Steven Price said 2016 was another good year for the company. “We reaped the benefits of a diverse platform.” Townsquare’s net revenue for Q4 2016 increased $6.5 million, or 5.8%, to $119.5 million compared to a year earlier. For the year, pro forma net revenue increased $14.9 million (3%) to $516.9.
Townsquare’s Local Marketing Solutions division, which includes radio, saw net revenue increase $4.4 million, or 5.1%, to $91.3 million. Entertainment net revenue increased $2.1 million, or 8.0%, to $28.2 million. Excluding political revenue, net revenue increased $3.0 million, or 2.7%, to $114.2 million, and Local Marketing Solutions net revenue increased $0.9 million, or 1.1%, to $86.0 million.
Price went on to say that “In 2016, we delivered net revenue, net income, and Adjusted EBITDA growth of 17%, 127%, and 9%, respectively. On a pro forma basis, net revenue growth of 3.0% was driven by the strong performance of our local products and offerings within our Local Marketing Solutions segment, where pro forma net revenue increased 5.1% over the prior year. This year we focused on strengthening our balance sheet; through EBITDA growth and debt repayment we reduced net leverage from 5.5x at the start of the year, to 4.9x at year end.”
