Townsquare Media, which has assets in radio, live events and digital media, reported “solid” net revenue growth in the second quarter, according to Chair/CEO Steven Price.
Net revenue rose $19.6 million to $137.2 million, compared to $117.5 million for the same period a year ago. This was driven primarily by North American Midway Entertainment.
Local Marketing Solutions net revenue, which includes radio and digital, increased $2.6 million, or 3%, to $86.7 million and Entertainment net revenue increased $17.1 million, or 51.2%, to $50.5 million.
The company had $17.6 million of cash on hand at the end of the quarter. As of June 30, Townsquare Media had $581.3 million of outstanding debt, representing 5.6x and 5.4x gross and net leverage, respectively.