Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Results. Townsquare Media reported third-quarter revenue of $110.9 million, an increase of 3.9% year over year and above our estimate of $108.9 million. Adjusted EBITDA increased 2.7% to $22.6 million, modestly below our forecast of $23.5 million. Results benefited from strong Digital Advertising growth and higher political spending, partially offset by weakness in Interactive and Broadcast.
Mixed Performance Across Digital Businesses. Digital Advertising revenue increased 12.7%, driven by programmatic growth and stronger direct sales of owned-and-operated properties. However, profitability lagged as the expanding Media Partnerships business contributed to lower segment margins. Meanwhile, Interactive’s customer churn remained historically low, and profit margin improved 300 basis points to 36.3%, despite continued weakness in new-customer sales as the company rebuilds its salesforce.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Q3 Digital Advertising Revenue YoY Growth Accelerates to 13%
Digital Represents 57% of September YTD Net Revenue and 56% of Segment Profit
PURCHASE, N.Y., Nov. 04, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, the “Company,” “we,” “us” or “our”) announced today its financial results for the third quarter ended September 30, 2026.
“Townsquare’s third quarter results reflect the continued strength of our Digital Advertising platform,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “Third quarter net revenue of $110.9 million increased 3.9% year-over-year and exceeded our guidance range, Adjusted EBITDA of $22.6 million increased 2.7% year-over-year and was within our guidance range, and net loss narrowed by $1.5 million year-over-year to $4.0 million. These results were driven by the growth of Townsquare Ignite, our Digital Advertising business, and by political revenue that is tracking ahead of our expectations. Digital Advertising net revenue grew 12.7% year-over-year, accelerating for the third consecutive quarter, led by programmatic revenue growth of 22.5%. Our Media Partnerships business now serves 18 partners and extends our digital programmatic advertising platform to 122 markets across the United States, and we expect Media Partnerships revenue to more than double in 2026. In addition, Townsquare Interactive delivered strong profitability, with Segment Profit margins of 36% in Q3, as we rebuild and grow our sales team.”
Mr. Wilson continued, “At the same time, we want to be candid about the challenges we face. Our local clients continue to feel pressure from higher operating costs and interest rates, and they are scrutinizing every marketing dollar, particularly those spent on traditional media. Excluding political, Broadcast Advertising net revenue declined 5.2% in the third quarter. We expect those declines to deepen in the fourth quarter, partly as political advertising crowds out other inventory. In addition, while Townsquare Interactive’s profit remains strong, lower-than-anticipated sales velocity means it will not return to sequential revenue growth in Q4 2026 as we had projected.”
“Given these challenges, and the meaningful direct impact of higher interest rates on our floating-rate debt, we have made the decision, together with our Board, to suspend our quarterly dividend,” concluded Mr. Wilson, “We do not believe that the market is ascribing value to the dividend and we believe this cash can generate greater value for shareholders elsewhere. Suspending the dividend will preserve approximately $14 million of cash annually, which we will use for general corporate liquidity and to opportunistically pursue higher-return opportunities. We believe this is the prudent course for Townsquare and our stakeholders, and that it positions us to continue investing in our digital growth engine while strengthening our financial flexibility.”
In November 2026, the Company’s Board of Directors approved the suspension of its quarterly cash dividend in order to redirect capital toward general corporate liquidity and strategic growth opportunities. The previously declared quarterly dividend of $0.20 per share was paid on November 2, 2026 to stockholders of record as of October 26, 2026. Any future declaration of dividends will be at the discretion of the Board of Directors.
Segment Reporting
We have three reportable operating segments, Digital Advertising, Subscription Digital Marketing Solutions, and Broadcast Advertising. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on our digital programmatic advertising platform and our owned and operated digital properties, and our first party data digital management platform. The Subscription Digital Marketing Solutions segment includes our subscription digital marketing solutions business, Townsquare Interactive. The Broadcast Advertising segment includes our local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with our broadcast advertising platform. The remainder of our business is reported in the Other category, which includes our live events business.
Third Quarter Results*
As compared to the third quarter of 2025:
Net revenue increased 3.9%, and 1.4% excluding political
Net loss decreased $1.5 million to a net loss of $4.0 million
Adjusted EBITDA increased 2.7%, and decreased 7.9% excluding political
Total Digital net revenue increased 6.0%
Digital Advertising net revenue increased 12.7%
Subscription Digital Marketing Solutions (“Townsquare Interactive”) net revenue decreased 8.5%
Total Digital Segment Profit decreased 1.1%
Digital Advertising Segment Profit decreased 1.7%
Subscription Digital Marketing Solutions Segment Profit decreased 0.2%
Broadcast Advertising net revenue increased 0.4%, and decreased 5.2% excluding political
Net loss per diluted share was $(2.47) and Adjusted Net Income per diluted share was $0.18
*See below for discussion of non-GAAP measures.
Guidance
For the fourth quarter of 2026, net revenue is expected to be between $107 million and $109 million, and Adjusted EBITDA is expected to be between $23 million and $25 million.
For the full year 2026, net revenue is expected to be between $430 million and $432 million, and Adjusted EBITDA is expected to be between $87 million and $89 million, both within our original guidance ranges.
Quarter EndedSeptember 30, 2026Compared to the Quarter EndedSeptember 30, 2025
Net Revenue
Net revenue for the three months ended September 30, 2026 increased $4.2 million, or 3.9%, as compared to the same period in 2025. Digital Advertising net revenue increased $5.1 million, or 12.7%, due to increases in the purchases of advertising by our clients. Other net revenue increased $0.5 million, or 51.8%, due to the timing of certain events in the current period as compared to the same period a year ago, and Broadcast Advertising net revenue increased $0.2 million, or 0.4%, due to an increase in political revenue. These increases were partially offset by a $1.6 million, or 8.5%, decrease in Subscription Digital Marketing Solutions net revenue, due to reduced sales velocity as a result of lower sales headcount.
Excluding political revenue of $2.9 million and $0.2 million for the three months ended September 30, 2026 and 2025, respectively, net revenue increased $1.5 million, or 1.4%, to $108.0 million. Digital Advertising net revenue increased $5.0 million, or 12.4%, to $45.2 million, and Broadcast Advertising net revenue decreased $2.4 million, or 5.2%, to $44.4 million.
Net Loss
For the three months ended September 30, 2026, we reported a net loss of $4.0 million, a decrease of $1.5 million or 27.5%, as compared to a net loss of $5.5 million in the same period in 2025. The decrease was primarily due to a $5.8 million decrease in transaction and business realignment costs, a $0.9 million increase in income tax benefit, a $0.7 million decrease in interest expense, net, a $0.7 million favorable change in other (income) expense, net, and a $0.7 million increase in segment profit, partially offset by a $5.0 million increase in total non-cash impairment charges and a $1.6 million decrease in net gain on sales and retirement of assets. Adjusted Net Income increased $1.4 million, or 168.8%, to $2.3 million, as compared to $0.9 million for the same period of 2025.
Adjusted EBITDA
Adjusted EBITDA for the three months ended September 30, 2026 increased $0.6 million, or 2.7%, to $22.6 million, as compared to $22.0 million for the same period in 2025. Adjusted EBITDA (Excluding Political) decreased $1.7 million, or 7.9%, to $20.1 million, as compared to $21.9 million for the same period in 2025.
Nine Months Ended September 30,2026Compared to theNine Months Ended September 30,2025
Net Revenue
Net revenue for the nine months ended September 30, 2026 increased $2.2 million, or 0.7%, as compared to the same period in 2025. Digital Advertising net revenue increased $12.3 million, or 10.3%, due to increases in the purchases of advertising by our clients. This increase was partially offset by a $5.2 million, or 3.8%, decrease in Broadcast Advertising net revenue due to decreases in the purchases of advertising by our clients, a $4.7 million, or 8.3%, decrease in Subscription Digital Marketing Solutions net revenue due to reduced sales velocity, and a $0.2 million, or 2.6%, decrease in Other net revenue.
Excluding political revenue of $4.9 million and $1.3 million for the nine months ended September 30, 2026 and 2025, respectively, net revenue decreased $1.4 million, or 0.4%, to $318.2 million, Broadcast Advertising net revenue decreased $8.8 million, or 6.4%, to $127.7 million, and Digital Advertising net revenue increased $12.2 million, or 10.3%, to $131.6 million.
Net Loss
For the nine months ended September 30, 2026, we reported a net loss of $42.8 million, an increase of $37.8 million as compared to a net loss of $5.0 million in the same period last year. The increase in net loss was primarily due to a $38.7 million increase in total non-cash impairment charges, a $7.2 million decrease in net gain on sales and retirement of assets and a $2.8 million decrease in segment profit. These amounts were partially offset by a $6.3 million decrease in transaction and business realignment costs, a $1.7 million decrease in income tax provision, and the absence of a $1.2 million loss on the early extinguishment of debt recognized in 2025. Adjusted Net Income decreased $0.3 million to $3.3 million, as compared to $3.6 million for the same period in 2025.
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2026 decreased $2.8 million, or 4.2%, to $63.8 million, as compared to $66.6 million in the same period last year. Adjusted EBITDA (Excluding Political) decreased $5.9 million, or 8.9%, to $59.6 million, as compared to $65.5 million for the same period in 2025.
Liquidity and Capital Resources
As of September 30, 2026, we had a total of $4.6 million of cash and cash equivalents and $467.5 million of outstanding indebtedness, representing 5.48x and 5.43x gross and net leverage, respectively, based on Adjusted EBITDA for the twelve months ended September 30, 2026 of $85.3 million.
The table below presents a summary, as of October 30, 2026, of our outstanding common stock (net of treasury shares).
Security
Number Outstanding
Description
Class A common stock
16,922,126
One vote per share.
Class B common stock
815,296
10 votes per share.1
Class C common stock
500,000
No votes.1
Total
18,237,422
1 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules.
Conference Call
Townsquare Media, Inc. will host a conference call to discuss certain third quarter 2026 financial results and 2026 guidance on Wednesday, November 4, 2026 at 8:00 a.m. Eastern Time. The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare.” A live webcast of the conference call will also be available on the investor relations page of the Company’s website at www.townsquaremedia.com.
A replay of the conference call will be available through November 11, 2026. To access the replay, please dial 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International) and enter confirmation code 1140294. A web-based archive of the conference call will also be available at the above website.
About Townsquare Media, Inc.
Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S. Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results-based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SaaS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.
Forward-Looking Statements
Except for the historical information contained in this press release, the matters addressed are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by us include the impact of general economic conditions in the United States, or in the specific markets in which we currently do business including supply chain disruptions, inflation, labor shortages and the effect on advertising activity, industry conditions, including existing competition, artificial intelligence and future competitive technologies, the popularity of radio as a broadcasting and advertising medium, cancellations, disruptions or postponements of advertising schedules in response to national or world events, our ability to develop and maintain digital technologies (including artificial intelligence) and hire and retain technical and sales talent, our dependence on key personnel, our capital expenditure requirements, our continued ability to identify suitable acquisition targets, and consummate and integrate any future acquisitions, legislative or regulatory requirements, risks and uncertainties relating to our leverage and changes in interest rates, our ability to obtain financing at times, in amounts and at rates considered appropriate by us, our ability to access the capital markets as and when needed and on terms that we consider favorable to us, tariffs and other factors discussed in our Quarterly Report on Form 10-Q in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and under “Risk Factors” in our 2025 Annual Report on Form 10-K, for the year ended December 31, 2025, filed with the SEC on March 16, 2026, as well as other risks discussed from time to time in our filings with the SEC. Many of these factors are beyond our ability to predict or control. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. The forward-looking statements included in this press release are made only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures and Definitions
In this press release, we refer to Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income and Adjusted Net Income Per Share which are financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).
We define Adjusted EBITDA as net (loss) income before the deduction of income taxes, interest expense, net, (gain) loss on repayments and extinguishment of debt, transaction and business realignment costs, depreciation and amortization, stock-based compensation, impairments, net (gain) loss on sale and retirement of assets and other expense (income), net. We define Adjusted EBITDA (Excluding Political) as Adjusted EBITDA less political net revenue, net of a fifteen percent deduction to account for estimated national representative firm fees, music licensing fees and sales commissions expense. Adjusted Net Income is defined as net income before the deduction of transaction and business realignment costs, impairments, net (gain) loss on sale and retirement of assets, (gain) loss on repayments and extinguishment of debt, gain on insurance recoveries and net income attributable to non-controlling interest, net of income taxes stated at the Company’s applicable statutory effective tax rate. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding. We define Net Leverage as our total outstanding indebtedness, net of our total cash balance as of September 30, 2026, divided by our Adjusted EBITDA for the twelve months ended September 30, 2026. These measures do not represent, and should not be considered as alternatives to or superior to, financial results and measures determined or calculated in accordance with GAAP. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. You should be aware that in the future we may incur expenses or charges that are the same as or similar to some of the adjustments in the presentation, and we do not infer that our future results will be unaffected by unusual or nonrecurring items. In addition, these non-GAAP measures may not be comparable to similarly-named measures reported by other companies.
We use Adjusted EBITDA and Adjusted EBITDA (Excluding Political) to facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting interest expense), taxation and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance, and to facilitate year over year comparisons, by backing out the impact of political revenue which varies depending on the election cycle and may be unrelated to operating performance. We use Adjusted Net Income and Adjusted Net Income Per Share to assess total company operating performance on a consistent basis. We use Net Leverage to measure the Company’s ability to handle its debt burden. We believe that these measures, when considered together with our GAAP financial results, provide management and investors with a more complete understanding of our business operating results, including underlying trends, by excluding the effects of net, (gain) loss on repayments and extinguishment of debt, transaction costs, net (gain) loss on sale and retirement of assets, business realignment costs and impairments. Further, while discretionary bonuses for members of management are not determined with reference to specific targets, our board of directors may consider Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income, Adjusted Net Income Per Share, and Net Leverage when determining discretionary bonuses.
Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”) announced today that it will release third quarter 2026 financial results before the market opens on Wednesday, November 4, 2026. The Company will host a conference call to discuss certain third quarter 2026 financial results on Wednesday, November 4, 2026 at 8:00 a.m. Eastern Time.
The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare.” A live webcast of the conference call as well as the press release disclosing the Company’s results will be available on the investor relations page of the Company’s website at www.townsquaremedia.com.
A telephone replay of the conference call will be available through November 11, 2026. To access the replay, please dial 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 1140294. A web-based archive of the conference call will also be available on the investor relations page of the Company’s website.
About Townsquare Media, Inc. Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S. Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
PURCHASE, N.Y., Aug. 17, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”), a leader in digital advertising and marketing solutions focused on markets outside of the Top 50 in the United States, announced today a strategic digital advertising partnership with Midlands Media Group, a Columbia, S.C.-based multimedia company with two radio stations, a digital news service, a digital ticketing provider, a discount certificate site, and a comprehensive digital advertising platform.
“Midlands Media Group has built a highly local portfolio of radio and digital news brands with engaged audiences and a strong market presence, making them an ideal partner for our digital platform and services,” said Shaun Collignon, CRO of Townsquare Ignite, the Company’s Digital Advertising division. “By combining their multi-channel reach with our proprietary technology, data-driven strategy, and execution expertise, we are well positioned to unlock new revenue opportunities and drive meaningful, measurable growth.”
In 2024, Townsquare launched its Media Partnerships division as part of Townsquare Ignite, its Digital Advertising segment, to bring its industry-leading digital solutions to other local media companies. The division provides a white-label service that allows partners to tap into the same data-driven strategies and proprietary technology that have powered Townsquare’s success, with digital now contributing more than half of the Company’s total revenue and profit.
This partnership with Midlands Media Group is one of 16 strategic alliances Townsquare has established under this initiative, collectively expanding the Company’s reach into 41 new markets beyond its owned and operated footprint, including those in the Top 50 markets. Townsquare will work closely with Midlands Media Group, which operates in the #90-ranked MSA in the United States, to deliver customized, data-driven advertising solutions tailored to local, regional, and national clients, helping to grow their digital business while enhancing the value of their trusted broadcast and multimedia platforms.
“This alliance reflects our continued commitment to helping leading local media companies to more fully monetize their audiences across platforms and deliver stronger results for their clients,” Collignon added.
“Midlands Media Group is very excited to partner with Townsquare Ignite to further expand our digital solutions capabilities. After extensive evaluation and industry experience, we believe Townsquare Ignite is best-in-class and fully committed to digital growth. Their team and technology position us to accelerate results for our clients across all platforms,” said Keith Stover, President & CEO of Midlands Media Group.
Marie Stover, Chief Operating Officer of Midlands Media Group, added: “Our unique focus is to super-serve the marketing needs of local businesses in our community. Adding Townsquare Ignite’s digital marketing component to our market-leading radio and news products positions us to deliver fully integrated campaigns that are authentic, high-impact, and measurable. We look forward to what this partnership will bring to our clients and communities.”
About Townsquare Media, Inc. Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S. Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
About Midlands Media Group Midlands Media Group is a Columbia, S.C.-based multimedia company and the only locally owned and operated media company in the Columbia market. The company connects local audiences and businesses through two radio stations, a digital news service, a digital ticketing provider, a discount certificate platform and a comprehensive suite of digital advertising solutions.
PURCHASE, N.Y., Aug. 12, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”), a leader in digital advertising and marketing solutions focused on markets outside of the Top 50 in the United States, announced today a strategic digital advertising partnership with Muirfield Broadcasting, home to STAR 102.5 FM and WIOZ 550 AM, whose trusted local brands have connected businesses with audiences throughout North Carolina’s Sandhills and Moore County for more than 50 years.
In 2024, Townsquare launched its Media Partnerships division as part of Townsquare Ignite, its Digital Advertising segment, to bring its industry-leading digital solutions to other local media companies. Through a white-label offering, the division enables partners to benefit from the same proprietary technology, operational expertise, and data-driven strategies that have fueled Townsquare’s success, with digital now contributing more than half of the Company’s total revenue and profit.
“We’re seeing growing interest from local media companies looking to diversify and grow their digital advertising business while strengthening their relationships with advertisers. Because Townsquare has successfully transformed its own business, we’re uniquely positioned to help other broadcasters do the same,” said Shaun Collignon, CRO of Townsquare Ignite, the Company’s Digital Advertising division. “By combining Muirfield’s trusted local brands and deep community relationships with Townsquare’s proprietary technology, digital advertising expertise, and data-driven strategies, we’re enabling Muirfield to offer a broader suite of marketing solutions that deliver measurable business results while opening doors to new advertisers – including businesses that may not have traditionally considered radio. That’s what continues to make our Media Partnerships platform so compelling.”
The partnership with Muirfield Broadcasting is one of 16 strategic alliances Townsquare has established under this initiative, collectively expanding the Company’s reach into 41 new markets beyond its owned and operated footprint. Through this collaboration, Townsquare will provide Muirfield with customized, data-driven digital advertising solutions that complement its trusted local brands, enabling the company to deliver a more comprehensive suite of marketing services to local, regional, and national advertisers.
“We are excited to work with Townsquare Ignite; this partnership strengthens our ability to deliver comprehensive marketing solutions for our clients. By combining advanced technology, strategic expertise, and real-time campaign insights, we can offer businesses smarter, more effective digital marketing that complements the trusted reach of our local media brands,” said Tiffany Hewitt, General Manager, Muirfield Broadcasting. “Today’s businesses need more than advertising – they need a strategic marketing partner. By combining the power of live, local radio with cutting-edge digital solutions, we’re helping our clients grow their brands, reach new audiences, and achieve measurable success.”
About Townsquare Media, Inc. Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S. Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
About Muirfield Broadcasting Company Muirfield Broadcasting – home of STAR 102.5 FM and WIOZ 550 AM – has proudly served the Sandhills and Moore County for more than 50 years. Combining the power of trusted local radio with a growing digital marketing platform, we deliver integrated advertising solutions that help businesses reach and engage their ideal audience. Built on a commitment to being live, local, and community-focused, Muirfield Broadcasting connects brands with the communities they serve through trusted personalities, compelling content, strategic marketing, and multi-platform campaigns across broadcast, digital, social media, streaming, and online channels.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 exceeded expectations. Revenue of $115.4 million and Adjusted EBITDA of $24.8 million were within management’s guidance, while Digital Advertising accelerated to 11% year-over-year growth,driven by continued strength in programmatic advertising, owned-and-operated digital properties, and Media Partnerships.
Digital transformation gaining traction. Townsquare’s Digital First strategy continues to differentiate the company from traditional radio peers. During the first half of 2026, digital businesses generated 57% of total revenue and 59% of total segment profit, while the Media Partnerships platform expanded to 16 partners, creating a scalable, capital-light growth opportunity beyond the company’s owned markets.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
George Proost, Research Intern, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Conference highlights. On June 3rd, Bill Wilson, CEO, and Stuart Rosenstein, Executive Vice President and CFO, participated in a fireside chat at Noble’s virtual equity conference. The discussion focused on the company’s successful evolution into a digital-first local media powerhouse, highlighting strong performance in its digital segments, the strategic use of AI, and its commitment to shareholder returns through a significant dividend and debt reduction. A replay of the presentation is available here.
Favorable digital advertising outlook. Total digital advertising grew about 7% in Q1, and management stated that Q2 is pacing stronger, led by a programmatic platform that grew over 20% year over year and now represents roughly 65% of the segment. Connected and streaming TV is the fastest-growing channel, followed by social. Management expects the acceleration to continue through the back half of the year.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 Meets Expectations. Net revenue of $96.8 million and adjusted EBITDA of $16.4 million were in line, while digital advertising accelerated to 6.8% growth and programmatic advertising increased an impressive 21% year-over-year.
Digital remains the key growth driver. Its differentiated digital platform separates it from traditional radio peers, with digital businesses generating a record 59% of total revenue and 63% of total segment profit. Programmatic advertising, media partnerships, and direct sales digital assets are all performing strongly, while the rapidly scaling white-label media partnership initiative could become a meaningful long-term contributor to growth.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
PURCHASE, N.Y., April 27, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”), a leader in digital advertising and marketing solutions focused on markets outside of the Top 50 in the United States, announced today a strategic digital advertising partnership with North American Broadcasting Company (“NABCO”). NABCO is a locally-owned radio broadcast company based in Columbus, Ohio, a Top 50 DMA.
“Our partnership with North American Broadcast Company extends our ability to bring market-leading digital advertising solutions to a broader set of local media operators operating in large markets,” said Shaun Collignon, CRO of Townsquare Ignite, the Company’s Digital Advertising division. “Our success is driven by deep expertise in leveraging our proprietary programmatic platform and data-driven strategies to deliver measurable results. We look forward to equipping NABCO with the tools, insights, and proven strategic approach needed to accelerate their digital growth and drive meaningful outcomes for their clients.”
“We are extremely happy to partner with Townsquare’s Ignite platform. It delivers robust capacity to efficiently plan, execute and monitor complex digital solutions. We believe the platform and its people provide our team industry-leading, data-driven capability that we are thrilled to bring to our customers,” said Matt Mnich, President and CEO NABCO. “The technology and expertise upon which Ignite is built are impressive. It wholistically delivers the solution we were seeking.”
Townsquare announced the launch of the Media Partnerships division in 2024, as part of its Digital Advertising segment, Townsquare Ignite. The division offers a white-label solution that enables local media companies to leverage the same digital advertising capabilities that have driven Townsquare’s growth, with digital now accounting for more than 50% of the Company’s total revenue and profit.
The alliance with NABCO is one of 11 partnerships Townsquare has recently established under this initiative, collectively expanding its reach into 31 incremental markets that do not overlap with its existing footprint. Through this partnership, Townsquare will bring its expertise, technology, and resources to NABCO, delivering customized, data-driven strategies tailored to the needs of local, regional, and national advertisers, while supporting the continued growth of NABCO’s digital business alongside its established broadcast platform.
About Townsquare Media, Inc.
Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S.Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
About NABCO
North American Broadcasting Company, Inc. is a locally owned Central Ohio company established in 1957, delivering four diverse radio stations in the market, all targeting a different demographic. WRKZ (99.7 The Blitz), is Active/Mainstream Rock, WJKR-FM (The Maverick) is Classic Hit Country station, WMNI-AM 920 (Fox Sports Radio Columbus) is an all sports stations featuring Colin Cowherd, Dan Patrick, Columbus Clippers and more! WJKR-HD2 on 94.1FM (Star 94.1) is a lite favorites station featuring lite hits from 80s, 90s and now.
PURCHASE, N.Y., April 15, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”), a leader in digital advertising and marketing solutions focused on markets outside of the Top 50 in the United States, announced today a strategic digital advertising partnership with Kroenke Sports and Entertainment (“KSE”), a sports and entertainment company with radio stations in Denver, Colorado.
“KSE Radio / Kroenke Sports & Entertainment represents some of the most valuable and engaged audiences in media today. By integrating Townsquare Ignite’s data-driven platform, strategy and execution capabilities, we’re enabling KSE to scale its digital offering and drive stronger, more measurable results for its clients. This partnership is a powerful example of how media companies can evolve and win in a performance-driven marketplace,” said Shaun Collignon, CRO of Townsquare Ignite, the Company’s Digital Advertising division.
Townsquare announced the launch of their Media Partnerships division in 2024. As part of the Company’s Digital Advertising segment (also called Townsquare Ignite), the Media Partnerships division provides a white-label service that equips other local media companies with the digital advertising solutions that have fueled Townsquare’s own growth and success, with digital now comprising over 50% of Townsquare’s total revenue and profit. This alliance with KSE is one of the recently announced 11 partners that Townsquare now has under this division, reaching, in total, 31 incremental markets that do not overlap with Townsquare’s own footprint. Through this partnership, Townsquare will share its expertise and resources with KSE, focusing on customized, data-driven strategies that meet the unique needs of local, regional and national businesses, and helping KSE grow its digital business alongside its respected broadcast presence.
“We are very excited to partner with Townsquare and launch our new Digital Solutions arm, KSE Digital. After exhaustive research and from personal experience working with Townsquare Ignite for 6+ years, I concluded Townsquare Ignite is absolutely best-in-class and fully committed to digital growth. They have a truly outstanding team and we couldn’t be happier for the prospects of our partnership,” said Joel Clary, Senior Vice President and General Manager, KSE Radio. “Kroenke Sports and Entertainment is excited to partner with Townsquare Ignite for all of our entertainment assets in the Denver market. Townsquare has the best digital solutions in the radio industry and a proven track record of delivering great results to clients.”
About Townsquare Media, Inc. Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S.Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
About Kroenke Sports & Entertainment Kroenke Sports & Entertainment (KSE) is an American Sports and Entertainment holding company based in Denver, Colorado. KSE is committed to providing world class sports and entertainment for both live and broadcast audiences. We are the employer of choice as the owner and operator of Ball Arena, DICK’S Sporting Goods Park, the Paramount Theatre, Denver Nuggets (NBA), the Colorado Avalanche (NHL), the Colorado Mammoth (NLL), KIMN,KXKL, KKSE (FM/AM), Altitude Sports & Entertainment, Major League Fishing/Fishing League Worldwide (MLFLW), Winnercomm, Outdoor Sportsman Group and Skycam.
PURCHASE, N.Y., April 06, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”) announced today that it will release first quarter 2026 financial results before the market opens on Monday, May 11, 2026. The Company will host a conference call to discuss certain first quarter 2026 financial results on Monday, May 11, 2026 at 8:00 a.m. Eastern Time.
The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare.” A live webcast of the conference call as well as the press release disclosing the Company’s results will be available on the investor relations page of the Company’s website at www.townsquaremedia.com.
A telephone replay of the conference call will be available through May 18, 2026. To access the replay, please dial 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 1199273. A web-based archive of the conference call will also be available on the investor relations page of the Company’s website.
About Townsquare Media, Inc. Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S.Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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In-line Q4 results. The company reported Q4 revenue and adj. EBITDA of $106.5 million and $21.5 million, both of which were in line with our estimates of $106.1 million and $22.0 million, respectively. Notably, the company continued to face headwinds in its digital businesses, which have been its primary growth engine.
Advertising trends appear to be improving. Digital revenues remained the company’s largest contributor and primary growth engine, representing approximately 55% of total revenue in 2025, up from 52% in 2024, and generated 56% of segment profit, compared with 50% a year earlier. Despite the stronger mix, fourth quarter Digital Advertising revenue declined 1%, as weakness in remnant advertising offset growth in direct-sold and programmatic digital advertising.
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Digital Represents 55% of 2025 Total Net Revenue and 56% of 2025 Total Segment Profit Reduced Debt by $23 Million Since the February 2025 Refinancing
PURCHASE, N.Y., March 16, 2026 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, the “Company,” “we,” “us” or “our”) announced today its financial results for the fourth quarter and year ended December 31, 2025.
“I am pleased to share that Townsquare’s fourth quarter and year end results met our previously issued net revenue and Adjusted EBITDA guidance, reflecting our team’s hard work in the current environment. We are proud that the execution of our Digital First Local Media strategy allowed us to deliver excellent results for our clients, while also outperforming competitors and gaining market share,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “In 2025, net revenue decreased -2.8% year-over-year excluding political, and -5.2% in total, and Adjusted EBITDA decreased -3.0% year-over-year excluding political, and -12.2% in total. Importantly, due to our strong expense management, Adjusted EBITDA margins excluding political were constant year-over-year, despite revenue declines. In addition, our full year net loss improved by $1.2 million year-over-year, to a net loss of $9.8 million.”
Mr. Wilson continued, “In 2025, Townsquare’s Digital business, which now represents 55% of the Company’s total net revenue and 56% of our total Segment Profit, was buoyed by the consistent strength of our differentiated programmatic digital advertising offering, including the success of our Media Partnership division (which we’re proud to announce has expanded from six to eleven partners in 2026), and the direct sales of our local owned and operated digital properties. Both of these digital revenue streams increased by +9% year-over-year in 2025, offsetting the significant short-term headwinds of declining search engine referral traffic we experienced in 2025, and leading to overall 2025 Digital Advertising revenue growth of +1.6% as compared to the prior year. I’m also pleased to share that we are starting to see early signs of digital audience stabilization, and are optimistic the negative remnant revenue headwinds presented by the year-over-year decline in search engine referral traffic will abate in the second half of 2026. In fact to start 2026, the traffic to our local mobile apps and websites grew sequentially month-over-month with both January and February online audience being larger than December, and thus our local remnant revenue in January and February was more than we generated in any month of Q4. I would also like to highlight the strong profit performance of Townsquare Interactive in 2025, which delivered Segment Profit growth of +17.4% year-over-year (+$3.7 million), and a Segment Profit margin of 34%, representing the highest Segment Profit margin in Townsquare Interactive’s 14-year history.”
“One of the largest benefits of our business model is significant cash generation. In 2025, despite having meaningfully higher interest expense obligations, we generated $30.6 million of cash flow from operations over the course of the year. We utilized this cash flow first and foremost to invest in our local business through organic, internal investments that support our revenue and profit growth, particularly our digital growth engine. In addition, we repaid $22.6 million of debt following our February 2025 refinancing through both voluntary and mandatory debt amortization, and made $13.2 million of dividend payments. Due to management’s and the Board of Director’s ongoing confidence in our business, the underlying strength of our digital advertising differentiation, and our consistent, strong free cash flow characteristics, which we believe is not reflected in our stock price to date, we plan to maintain the dividend at its current rate, despite the high implied dividend yield. Looking forward, we remain confident in our ability to build shareholder value for our investors through long-term net revenue, Adjusted EBITDA and cash flow growth, net leverage reduction, and future dividend payments,” concluded Mr. Wilson.
The Company announced today that its Board of Directors approved a quarterly cash dividend of $0.20 per share. The dividend will be payable on May 4, 2026 to shareholders of record as of the close of business on April 27, 2026. As of the last closing price, this reflects a dividend yield of approximately 11%.
Segment Reporting We have three reportable operating segments, Digital Advertising, Subscription Digital Marketing Solutions, and Broadcast Advertising. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on our digital programmatic advertising platform and our owned and operated digital properties, and our first party data digital management platform. The Subscription Digital Marketing Solutions segment includes our subscription digital marketing solutions business, Townsquare Interactive. The Broadcast Advertising segment includes our local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with our broadcast advertising platform. The remainder of our business is reported in the Other category, which includes our live events business.
Fourth Quarter Results*
As compared to the fourth quarter of 2024:
Net revenue decreased 9.6%, and 4.5% excluding political
Net income decreased $29.8 million from net income of $25.0 million to a net loss of $4.8 million
Adjusted EBITDA decreased 30.9%, and 17.0% excluding political
Total Digital net revenue decreased 2.4%
Digital Advertising net revenue decreased 1.0%
Subscription Digital Marketing Solutions (“Townsquare Interactive”) net revenue decreased 5.6%
Total Digital Segment Profit decreased 14.8%
Digital Advertising Segment Profit decreased 28.0%
Subscription Digital Marketing Solutions Segment Profit increased 12.0%
Broadcast Advertising net revenue decreased 17.8%, and 7.9% excluding political
Net loss per diluted share was $0.32 and Adjusted Net Income per diluted share was $0.05
Repaid $5.9 million of our Senior Secured Credit Facility, including $3.0 million of the Revolver and $2.9 million of Term Loan
Full Year Results*
As compared to the year ended December 31, 2024:
Net revenue decreased 5.2%, and 2.8% excluding political
Net loss decreased $1.2 million from a net loss of $10.9 million to a net loss of $9.8 million
Adjusted EBITDA decreased 12.2%, and 3.0% excluding political
Total Digital net revenue increased 0.9%
Digital Advertising net revenue increased 1.6%
Subscription Digital Marketing Solutions net revenue decreased 0.7%
Total Digital Segment Profit decreased 1.7%
Digital Advertising Segment Profit decreased 11.7%
Subscription Digital Marketing Solutions Segment Profit increased 17.4%
Broadcast Advertising net revenue decreased 12.6%, and 8.0% excluding political
Entered into a five-year $490 million Credit Agreement, including a $470 million Senior Secured Term Loan Facility and a $20 million Revolving Credit Facility
Redeemed all of the Company’s outstanding 2026 Senior Secured Notes of $467.4 million
Reduced outstanding debt by $22.6 million since the February 2025 refinancing, including $14.6 million of our Term Loan and an $8.0 million net reduction of the outstanding Revolving Credit Facility
*See below for discussion of non-GAAP measures.
Guidance For the first quarter of 2026, net revenue is expected to be between $96 million and $98 million, and Adjusted EBITDA is expected to be between $16 million and $17 million.
For the full year 2026, net revenue is expected to be between $420 million and $440 million, and Adjusted EBITDA is expected to be between $87 million and $93 million.
Quarter Ended December 31, 2025 Compared to the Quarter Ended December 31, 2024
Net Revenue Net revenue for the three months ended December 31, 2025 decreased $11.3 million, or 9.6%, to $106.5 million as compared to $117.8 million in the same period in 2024. Broadcast Advertising net revenue decreased $9.9 million, or 17.8%, due to decreases in the purchases of advertising by our clients and decreases in political revenue. Subscription Digital Marketing Solutions net revenue decreased $1.1 million or 5.6%, due to reduced sales velocity as a result of lower sales headcount, and Digital Advertising net revenue decreased $0.4 million, or 1.0%, primarily due to decreases in remnant digital advertising revenue.
Excluding political revenue of $0.9 million and $7.2 million for the three months ended December 31, 2025 and 2024, respectively, net revenue decreased $5.0 million, or 4.5%, to $105.6 million, Broadcast Advertising net revenue decreased $3.9 million, or 7.9%, to $45.0 million, and Digital Advertising net revenue decreased $0.1 million, or 0.2%, to $41.5 million.
Net (Loss) Income For the three months ended December 31, 2025, we reported net loss of $4.8 million, a decrease of $29.8 million as compared to net income of $25.0 million in the same period last year. The decrease was due to a $15.1 million increase in the provision for income taxes, a $11.3 million decrease in net revenue and a $3.6 million increase in interest expense. Adjusted Net Income decreased $9.5 million to $0.8 million, as compared to $10.3 million for the same period last year.
Adjusted EBITDA Adjusted EBITDA for the three months ended December 31, 2025 decreased $9.6 million, or 30.9%, to $21.5 million, as compared to $31.2 million in the same period last year. Adjusted EBITDA (Excluding Political) decreased $4.3 million, or 17.0%, to $20.8 million, as compared to $25.1 million in the same period last year.
Year Ended December 31, 2025 Compared to the Year Ended December 31,2024
Net Revenue Net revenue for the year ended December 31, 2025 decreased $23.6 million, or 5.2%, to $427.4 million as compared to $451.0 million in the same period in 2024. Broadcast Advertising net revenue decreased $26.5 million, or 12.6%, due to decreases in the purchases of advertising by our clients and decreases in political revenue, and Subscription Digital Marketing Solutions net revenue decreased $0.5 million, or 0.7% due to reduced sales velocity as a result of lower sales headcount. These decreases were partially offset by an increase in Digital Advertising net revenue of $2.6 million, or 1.6%, and an increase in Other net revenue of $0.8 million, or 11.8%.
Excluding political revenue of $2.2 million and $13.4 million for the year ended December 31, 2025 and 2024, respectively, net revenue decreased $12.3 million, or 2.8% to $425.2 million, Broadcast Advertising net revenue decreased $15.8 million, or 8.0%, to $181.5 million, and Digital Advertising net revenue increased $3.1 million, or 2.0%, to $160.9 million.
Net Loss For the year ended December 31, 2025, we reported net loss of $9.8 million, an improvement of $1.2 million as compared to $10.9 million in the same period last year. The decrease in net loss was due to a $28.8 million decrease in non-cash impairment charges, an $8.5 million decrease in direct operating expenses, an $8.1 million increase in gain on sale and retirement of assets and a $3.4 million decrease in stock-based compensation. These amounts were partially offset by the $23.6 million decrease in net revenue discussed above, an $11.7 million increase in interest expense, a $6.7 million increase in transaction and business realignment cost, and a $5.1 million increase in other (expense) income. Adjusted Net Income decreased $14.8 million to $4.4 million as compared to $19.2 million for the same period last year.
Adjusted EBITDA Adjusted EBITDA for the year ended December 31, 2025 decreased $12.3 million, or 12.2% to $88.1 million, as compared to $100.4 million in the same period last year. Adjusted EBITDA (Excluding Political) decreased $2.7 million, or 3.0%, to $86.3 million, as compared to $89.0 million in the same period last year.
Liquidity and Capital Resources As of December 31, 2025, we had a total of $4.8 million of cash and cash equivalents and $457.4 million of outstanding indebtedness, representing 5.19x and 5.14x gross and net leverage, respectively, based on Adjusted EBITDA for the year ended December 31, 2025, of $88.1 million.
The table below presents a summary, as of March 9, 2026, of our outstanding common stock (net of treasury shares).
Security
Number Outstanding
Description
Class A common stock
15,789,817
One vote per share.
Class B common stock
815,296
10 votes per share.1
Class C common stock
500,000
No votes.1
Total
17,105,113
1 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules.
Conference Call Townsquare Media, Inc. will host a conference call to discuss certain fourth quarter 2025 financial results and 2026 guidance on Monday, March 16, 2026 at 8:00 a.m. Eastern Time. The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare.” A live webcast of the conference call will also be available on the investor relations page of the Company’s website at www.townsquaremedia.com.
A replay of the conference call will be available through March 23, 2026. To access the replay, please dial 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International) and enter confirmation code 1134751. A web-based archive of the conference call will also be available at the above website.
About Townsquare Media, Inc. Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S.Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.
Forward-Looking Statements Except for the historical information contained in this press release, the matters addressed are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by us include the impact of general economic conditions in the United States, or in the specific markets in which we currently do business including supply chain disruptions, inflation, labor shortages and the effect on advertising activity, industry conditions, including existing competition, artificial intelligence and future competitive technologies, the popularity of radio as a broadcasting and advertising medium, cancellations, disruptions or postponements of advertising schedules in response to national or world events, our ability to develop and maintain digital technologies and hire and retain technical and sales talent, our dependence on key personnel, our capital expenditure requirements, our continued ability to identify suitable acquisition targets, and consummate and integrate any future acquisitions, legislative or regulatory requirements, risks and uncertainties relating to our leverage and changes in interest rates, our ability to obtain financing at times, in amounts and at rates considered appropriate by us, our ability to access the capital markets as and when needed and on terms that we consider favorable to us and other factors discussed in this section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report and under “Risk Factors” in our 2025 Annual Report on Form 10-K, for the year ended December 31, 2025, filed with the SEC on March 16, 2026, as well as other risks discussed from time to time in our filings with the SEC. Many of these factors are beyond our ability to predict or control. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. The forward-looking statements included in this report are made only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures and Definitions In this press release, we refer to Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income and Adjusted Net Income Per Share which are financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).
We define Adjusted EBITDA as net income before the deduction of income taxes, interest expense, net, (gain) loss on repurchases and extinguishment of debt, transaction and business realignment costs, depreciation and amortization, stock-based compensation, impairments, net (gain) loss on sale and retirement of assets and other expense (income), net. We define Adjusted EBITDA (Excluding Political) as Adjusted EBITDA less political net revenue, net of a fifteen percent deduction to account for estimated national representative firm fees, music licensing fees and sales commissions expense. Adjusted Net Income is defined as net income before the deduction of transaction and business realignment costs, impairments, gain on sale of investment, change in fair value of investment, net (gain) loss on sale and retirement of assets, (gain) loss on repayments, repurchases and extinguishment of debt, gain on insurance recoveries and net income attributable to non-controlling interest, net of income taxes stated at the Company’s applicable statutory effective tax rate. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding. We define Net Leverage as our total outstanding indebtedness, net of our total cash balance as of December 31, 2025, divided by our Adjusted EBITDA for the twelve months ended December 31, 2025. These measures do not represent, and should not be considered as alternatives to or superior to, financial results and measures determined or calculated in accordance with GAAP. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. You should be aware that in the future we may incur expenses or charges that are the same as or similar to some of the adjustments in the presentation, and we do not infer that our future results will be unaffected by unusual or nonrecurring items. In addition, these non-GAAP measures may not be comparable to similarly-named measures reported by other companies.
We use Adjusted EBITDA and Adjusted EBITDA (Excluding Political) to facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting interest expense), taxation and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance, and to facilitate year over year comparisons, by backing out the impact of political revenue which varies depending on the election cycle and may be unrelated to operating performance. We use Adjusted Net Income and Adjusted Net Income Per Share to assess total company operating performance on a consistent basis. We use Net Leverage to measure the Company’s ability to handle its debt burden. We believe that these measures, when considered together with our GAAP financial results, provide management and investors with a more complete understanding of our business operating results, including underlying trends, by excluding the effects of loss (gain) on extinguishment and repurchases of debt, transaction costs, net (gain) loss on sale and retirement of assets and investments, business realignment costs and impairments. Further, while discretionary bonuses for members of management are not determined with reference to specific targets, our board of directors may consider Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income, Adjusted Net Income Per Share, and Net Leverage when determining discretionary bonuses.
