The owner of radio stations in small and medium-sized markets on Monday afternoon promoted Bill Wilson and Dhruv Prasad to the respective roles of Co-Chief Executive Officer.
As a result, Townsquare Media founder and CEO Steven Price is transitioning to the role of Executive Chairman of the Board.
In addition, Erik Hellum has been appointed COO of Local Media.
David Quick, a Townsquare board member since the company’s inception and Managing Director at Oaktree Capital Management, L.P. Townsquare’s principal shareholder, made the announcement on behalf of the company.
He said, “Appointing two of our long-time senior executives as Co-Chief Executive Officers will allow Townsquare to strengthen and solidify its management team while preserving continuity and stability. Our Board is pleased that Steven will continue to focus on the company’s overall strategic direction, and we are appreciative that Townsquare will continue to benefit from Steven’s counsel through his continued leadership of the board.”
Quick offered no explanation for the change in leadership at Townsquare.
Price offered comments, and also did not comment on the change in command at the company he helped launch.
“I want to congratulate both Bill and Dhruv on this well-deserved appointment,” he said. “I am confident that this team, along with the rest of our senior executives, will lead our organization superbly as we further strengthen our position in the marketplace. I am eager to begin my new role as Executive Chairman and look forward to working with Bill and Dhruv to execute upon the company’s strategy.”
Price founded Townsquare in May 2010. Before that, he served as private equity firm Centerbridge Partners as Senior Managing Director, where he led the firm’s investment efforts in telecom, technology and media.
Before that, Price held a similar position at Spectrum Equity Investors. From 2001-2004, Price served as Deputy Assistant Secretary of Defense (Spectrum, Space and Communications), for which he was awarded the Secretary of Defense Medal for Outstanding Public Service.
Price was also formerly the President/CEO of LiveWire Ventures, a software and services company he founded in 1998, and the President/CEO of PriCellular Corporation, a publicly traded cellular telephone operator.
Earlier in his career, Price worked as an attorney at Davis, Polk & Wardwell and as an investment banker at Goldman Sachs.
Townsquare’s assets include 318 radio stations and more than 325 local websites in 67 U.S. markets including Albany and Buffalo, N.Y., a digital marketing solutions company serving approximately 11,200 small to medium sized businesses, approximately 550 live events with nearly 18 million attendees each year in the U.S. and Canada, and one of the largest digital advertising networks focused on music and entertainment.