Claire Yenicay, Executive Vice President of Investor Relations and Corporate Communications at Townsquare Media Inc. (NYSE:TSQ), recently sold shares of the company’s Class A common stock. The transactions, which took place on December 30 and 31, 2024, involved the sale of 5,020 shares, totaling approximately $46,283. The sale occurred as TSQ trades near its InvestingPro Fair Value, while offering an attractive 8.3% dividend yield. Notably, analysts have set price targets ranging from $17 to $21, suggesting potential upside. The shares were sold at prices ranging from $9.16 to $9.22 per share.
Following these transactions, Yenicay holds 214,933 shares directly. These include 17,946 shares of Class A common stock without vesting or transfer restrictions and 196,987 options to purchase Class A common stock that are fully vested and unrestricted.
In other recent news, Townsquare Media, a radio broadcasting company, has made notable strides in its financial strategies and overall performance. The company recently announced a new stock repurchase plan, authorizing the repurchase of up to $50 million of its issued and outstanding Class A common stock over the next three years. This follows their previous repurchase activities, which saw approximately $40.5 million worth of stock bought back over the last three years.
In its Q3 2024 earnings call, Townsquare Media reported a slight increase in net revenue to $115.3 million, with digital revenue accounting for 52% of the total. The company’s digital advertising segment grew by 5%, and programmatic advertising increased by 10%. Despite a decline in national broadcast advertising, Townsquare Interactive is projected to show year-over-year revenue growth in Q4.
The company also revealed plans for debt refinancing in early 2025, anticipating favorable interest rate shifts. This development accompanies a strong cash flow that led to $24 million in share buybacks and $36 million in bond buybacks. Furthermore, a partnership with SummitMedia for a white-label digital programmatic advertising solution is expected to ramp up in 2025. These are recent developments that underscore the company’s commitment to financial flexibility and growth in the digital space.
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