Townsquare Media Group has released their second quarter report. The company’s net revenue was 106.3 million, a 46.6 percent increase from the same period last year. They reported a net income of $12.1 million.
The rise in revenue is the result of acquisitions made in 2013 from Peak II Holding and Cumulus Media, and the acquisition of various live events.
Steven Price, Townsquare’s Chairman and CEO, said:
“We are pleased to be reporting solid second quarter results, following the successful completion of our initial public offering in July. We delivered a 7.8% increase in pro forma net revenue. Our results continue to demonstrate the strength of our diversified revenue strategy. We enjoyed solid performance in most of our Local Advertising markets together with strong performance across our live event, digital marketing service and national digital assets.”
In July of 2014, Townsquare went public. Shares were initially priced at $11, but immediately fell. Townsquare is currently trading at $10.91 (August 7th, 4 PM EST).
Townsquare owns and operates 312 radio stations, hundreds of events, and various websites, including Taste of Country, PopCrush, and Diffuser.fm. Townsquare also represents Hype Machine, Just Jared, Pretty Much Amazing, and other websites.
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u