Townsquare Media, Inc. (NYSE: TSQ) (the “Company” or “Townsquare”) announced that it has repurchased, and subsequently retired, 1.5 million shares of Class C common stock held by MSG National Properties, LLC (“MSG”), for $9.70 per share. The purchase price reflects an 8.5% discount from the closing price of the Class A common stock on June 15, 2023. Following this transaction, MSG will own 1,708,139 shares of Common Stock in the Company (comprising 583,139 shares of Class A Common Stock and 1,125,000 shares of Class C Common Stock). The purchase price of $14.6 million was funded with cash on hand.
“We could not be more pleased to share that given our strong cash position, we were able to repurchase approximately 8.5% of our total shares outstanding (and nearly half of MSG’s ownership in Townsquare), capturing a positive return for our shareholders. Due to our strong cash flow generation, we have demonstrated Townsquare’s ability to support a high yield dividend and repurchase debt and equity, while also simultaneously investing in the future of our digital growth engine,” commented Bill Wilson, Townsquare’s Chief Executive Officer. “This repurchase is immediately accretive to shareholders and we thank our Board of Directors for their vote of confidence in our medium and long-term business plan to grow revenue and profits.”
This story first appeared on radioinsight.com