Oaktree-backed Townsquare Media, the third largest radio station operator, files for a $144 million IPO
Townsquare Media, an Oaktree-backed operator of 312 radio
stations in small and mid-sized markets, filed on Tuesday with
the SEC to raise up to $144 million in an initial public
offering. The company was formerly known as Regent Communications
until it filed for bankruptcy in 2010 and Oaktree (63% pre-IPO
stake) and GE Capital (18%) took control.
The Greenwich, CT-based company, which was founded in 2010 and booked $294 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol TSQ. Townsquare Media initially filed confidentially on May 9, 2014. BofA Merrill Lynch, Jefferies and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.