Oaktree looking at three-into-one Townsquare/GAP radio merger


Although some of the the i’s remain undotted and t’s uncrossed, Oaktree Capital Management has filed paperwork that would combine three of the radio operating groups that it controls: Townsquare Media, GAP Broadcasting and GAP West Broadcasting.

Townsquare Media SVP Alex Berkett told RBR-TVBR that parties “are in discussions regarding a potential transaction.”

The fact that a number of Form 316 applications have been accepted for filing by the FCC would indicate that discussions are in an advanced state. It is believed that Townsquare Chairman/CEO Steven Price would run the merged entity, with senior management roles for GAP head George Laughlin and GAP West head Erik Hellum.

According to the FCC filing, the deal would bring together 36 different license groups under the various Townsquare and GAP banners into one entity.

Townsquare only recently came into existence in its own right, rising out of the ashes of the former Regent Communications group.

According to websites, Townsquare says it operates 62 stations in 13 markets, and the GAPs claim 111 stations in 23 markets.