The close of the market on Friday saw the company’s stock hit an all-time low of $6.57. By contrast, the stock’s all-time high was $14.12 in 2015. Precipitating the slide was Thursday’s news, reported here, that Townsquare is selling NAME (North American Midway Entertainment) back to Danny Huston, from whom they bought it, along with his partner Jeff Blomsness, in 2015.
The sale price is $23.5 million cash — plus a 15% residual interest in any future proceeds of a sale of NAME in the next ten years — which will be paid to Huston’s North American Fairs LLC. The purchase price in 2015 was $75.5 million. The news saw the stock dip to an all-time low of $6.51 on Thursday before closing at $6.57. Friday saw the selling of stock continue and its value falling to the new low.