TOWNSQUARE MEDIA has reported financial results for the third quarter ended SEPTEMBER 30th.
"The highlight of TOWNSQUARE's third quarter was, without a doubt, the strength of our Local Marketing Solutions segment, which delivered net revenue growth of 1.7%, and 3.0% excluding political revenue," commented Co-CEO BILL WILSON. "However, challenges in our smaller business segment, Entertainment, offset these strong results, resulting in an overall decline to net revenue, net income and Adjusted EBITDA of 1.0%, 9.9% and 11.1%, respectively. Due to these challenges, we have begun a strategic review of our Entertainment business."
"We are very pleased with the success of our Local Marketing Solutions segment in particular the continued growth of TOWNSQUARE Interactive, our digital marketing solutions business, and TOWNSQUARE Ignite, our programmatic digital advertising platform," commented Co-CEO DHRUV PRASAD. "Local Marketing Solutions is the core of our business, and the strength of our local products and services have allowed us to deliver consistent growth for the 15th consecutive quarter."
Third Quarter Highlights, As compared to the third quarter of 2016:
- Local Marketing Solutions net revenue increased 1.7%, and 3.0% excluding political revenue
- Entertainment net revenue decreased 4.1%
- Net revenue decreased 1.0%, and 0.3% excluding political revenue
- Net income decreased 9.9%
- Adjusted EBITDA decreased 11.1%
- Diluted net income per share of $0.51