Roughly two years ago, Townsquare Media made a major announcement: Madison Square Garden Company, owner of some of the nation’s top entertainment venues and three pro sports teams, acquired an approximately 12% common equity stake in Townsquare, the owner of 310 radio stations, 325 local websites, a digital marketing solutions company and a digital advertising network focused on music and entertainment.
MSG’s investment in Townsquare was all about the live event and music festival business; at the time Townsquare’s live offerings included approximately 550 events in the U.S. and Canada.
Today, mobile amusement is much less important to Townsquare’s long-term health than its radio stations. North American Midway Entertainment, North America’s largest mobile amusement company, is no longer owned by Townsquare. As a result, the media company’s quarterly earnings soared — a sign that local radio and digital media make a good combination for marketers and consumers in mid-sized and small markets across the U.S.