Updated at 1:50pm ET
A material impairment charge to the intangible assets of “local first” radio station and digital media company Townsquare Media has been taken.
But, why? According to a SEC filing made prior to the Opening Bell on Wall Street Tuesday (6/9), a change in the valuation approach for projected cash flows used by Townsquare’s valuation model is one reason.
There’s more: a material impairment charge to Townsquare’s “goodwill” was needed, resulting from a change in the company’s reporting segments.
The impairment charges are more than $100 million.