RadioInsight

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Daily Domains 8/17: New CHR For South Bend?

Posted: 17 Aug 2016 01:08 PM PDT
https://radioinsight.com/blog/headli...or-south-bend/



Back from vacation and catching up on recent registrations for a potential
new CHR in South Bend, whats next for 100.9 Tulsa, iHeartMedias next Beat,
and more.
This content is for Premium Annual and Premium Monthly members only. Visit
the site and log in/register to read.



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Townsquare Media Sells 12% Stake To Madison Square Garden

Posted: 17 Aug 2016 07:12 AM PDT
https://radioinsight.com/blog/headli...square-garden/



As Townsquare Media continues its evolution into a live events and digital
marketing company that happens to own radio stations, The Madison Square
Garden Company has purchased a 12% stake in the company.

MSG has purchased the stake from GE Capital to add to their Live Events
management business that includes ownership of Madison Square Garden, Radio
City Music Hall, and Beacon Theatre in New York, Chicago Theatre, and The
Forum in Inglewood CA, co-booking of the Wang Theatre in Boston, and with
Irving Azoff a partnership known as Azoff MSG Entertainment that manages
live events and concert tours across the country. Azoff MSG is also
planning to build a 17,500 seat music arena in Las Vegas.

Townsquare has been beefing up its live events business in recent years as
it now runs over 550 events annually including the Taste of Country Music
Festival, Mountain Jam, and multiple state fairs including Illinois,
Kentucky and South Carolina.

Townsquare Media, Inc. (NYSE: TSQ) (Townsquare) and The Madison Square
Garden Company (NYSE: MSG) (MSG) announced today that MSG has acquired an
approximately 12 percent common equity stake in Townsquare, a leading
media, entertainment and digital marketing solutions company.

We are thrilled that MSG has elected to become a shareholder of our
Company, and we look forward to collaborating with them in the future. MSG
is a leading provider of live entertainment with world class venues and
there is no doubt that we will benefit from having their support, said
Steven Price, Townsquare Chairman and CEO.

David OConnor, president and CEO of The Madison Square Garden Company,
commented, “Using its diversified portfolio of radio stations, digital
assets and live events, Townsquare creates compelling content that brings
people together and builds communities. We understand and share their
belief in the value of exceptional, live experiences, and look forward to
working together through this new partnership which is another opportunity
that our partner, Irving Azoff, brought to our attention –to drive
additional value and growth for both businesses.�

“I have had the opportunity to work with Steven and the Townsquare team
closely this past year. These guys really excel and are a perfect
complement to what we are building at Azoff MSG Entertainment. When this
opportunity presented itself, my partners at MSG enthusiastically invested.
I look forward to deepening our relationship and working on both existing
and new projects with Townsquare and MSG,� said Irving Azoff, chairman and
CEO of Azoff MSG Entertainment.

MSG and Townsquare will seek to utilize their shared experience in music
and live events to explore bookings, sponsorship and marketing
opportunities, as well as the potential expansion of Townsquare’s live
offerings. MSG’s investment in Townsquare will also provide MSG with
additional insight into the festival business, which MSG has been exploring
as part of its larger goal to strengthen and expand its position in the
live experience space.

In addition to owning local market-leading radio stations in 66 markets and
digital media assets that reach more than 60 million unique visitors per
month, Townsquare’s live offerings include approximately 550 events in the
U.S. and Canada that attract nearly 18 million attendees each year. These
national, regional and local events include acclaimed music festivals such
as Mountain Jam, WE Fest and the Taste of Country Music Festival; and
unique lifestyle and entertainment events such as the America on Tap craft
beer festival series, as well as fairs and festivals through Townsquare’s
ownership of North American Midway Entertainment, North Americas largest
mobile amusement company.

MSG’s live experience offerings include world-class venues, original
productions and professional sports teams, along with live festivals
through its controlling interest in Boston Calling Events, LLC, the owner
and operator of New England’s premier Boston Calling Music Festival, and
its 50 percent ownership of Tribeca Enterprises, best known for the
acclaimed Tribeca Film Festival.

MSG purchased approximately 3.2 million shares of GE Capitals Class C
Common Stock in a private transaction, which represents an approximately
12% common equity interest in Townsquare, inclusive of outstanding warrants.

Upon closing, this stock immediately converted to Class A shares.
Townsquare did not receive any proceeds from this transaction. Additional
information may be found in the Form 8-K that will be filed by Townsquare
with the U.S. Securities and Exchange Commission. In addition to MSG’s
share purchase, Townsquare’s Chairman and CEO, Steven Price is purchasing
50,000 shares of GE Capital’s Class C Common Stock, which will also convert
to Class A shares.

Irving Azoff is an American entertainment executive and personal manager,
representing recording artists and entertainers such as Christina Aguilera,
Eagles, John Mayer, Gwen Stefani, Van Halen, Thirty Seconds to Mars, Steely
Dan, Chelsea Handler and Lindsey Buckingham of Fleetwood Mac. Since
September 2013, he has been chairman and CEO of Azoff MSG Entertainment, a
venture with The Madison Square Garden Company. Prior to this, he served as
chairman and CEO of Ticketmaster Entertainment and was Executive Chairman
of Live Nation Entertainment and CEO of Front Line Management.