Townsquare Media will be added to the broad-market Russell 3000 Index and the Small-Cap Russell 2000 Index. The inclusion will take effect on June 26, following the annual reconstitution of the Russell Indexes. The preliminary membership list was posted on the FTSE Russell website from May 26 to June 16, with any updates reflected.
The annual reconstitution of the Russell Indexes involves selecting the 4,000 largest US stocks based on total market capitalization as of April 28. Being included in the US all-cap Russell 3000 Index ensures automatic inclusion in either the Large-Cap Russell 1000 Index or the Small-Cap Russell 2000 Index, as well as the corresponding growth and value style indexes. Membership in the Russell Indexes is determined by objective criteria, market capitalization rankings, and style attributes.
This news comes days after Townsquare’s repurchase and retirement of 1.5 million shares of Class C common stock previously held by MSG National Properties, LLC.
Russell Indexes are used by investment managers and institutional investors as benchmarks for active investment strategies and for index funds. These indexes play a significant role in the investment industry, with approximately $12.1 trillion in assets benchmarked against Russell’s US indexes. The Russell indexes are part of FTSE Russell, a prominent global index provider.
