Townsquare Buys Oaktree Out

• Townsquare Media, Inc. announced that it has repurchased the entirety of Oaktree Capital Management’s 12.6 million shares and warrants of the Company at $6.40 per security, and subsequently retired those securities. On January 25, 2021 the Company had stated it would repurchase a minimum of 10 million securities from Oaktree. In total, the Company has repurchased 100% of Oaktree’s 12.6 million shares and warrants, comprising 1.6 million shares of Class A common stock, 2.2 million shares of Class B common stock, and 8.8 million warrants. In addition, Townsquare will pay Oaktree a $4.5 million consent fee related to the transaction in four installments, the first of which is due on April 1, 2021. Following the repurchase, the Company has approximately 16 million securities outstanding, inclusive of common stock and warrants.

“We could not be more pleased to share that given our strong cash position, we were able to repurchase 100% of Oaktree’s ownership interests in Townsquare, capturing a strong return for our shareholders,” said Bill Wilson (left), Townsquare’s CEO. “This is a beneficial transaction for our investors and the Company. The Oaktree share repurchase is significantly accretive on an earnings per share and free cash flow per share basis in 2021, and entirely eliminates Oaktree’s ownership overhang for current and potential shareholders.”

Wilson added, “We thank Oaktree for their long-term support of our Company. We look forward to discussing our fourth quarter and year-end 2020 results as well as our first quarter 2021 outlook on our earnings call next week.”