Regent Communications, the radio broadcaster and digital media company that focuses on mid-size markets, has changed its name to Townsquare Media.
Steven Price, co-founder of media investment firm FiveWire Ventures, is now Townsquare Media chairman and chief executive officer while FiveWire co-founder Stuart Rosenstein is the executive vice president and chief financial officer.
Price and Rosenstein succeed Regent Chairman/President/CEO Bill Stakelin and EVP/CFO Tony Vasconcellos respectively, who resigned. In letters to advertisers and vendors on the new website, Price said: “Stakelin and Vasconcellos led Regent for many years and their leadership over the last year in connection with the company’s restructuring has been exemplary. Now, with the restructuring of the company and transition to private ownership complete, they have chosen this moment to move on.”
Regent emerged from bankruptcy protection on April 27, less than two months after its initial Chapter 11 filing. Its major shareholder is the private equity firm Oaktree Capital Management. Price and Rosenstein also intend to make a significant equity investment.
“The radio business is undergoing massive change,” stated Price, adding that he looked forward “to building, through internal growth and acquisitions, a leading provider of local media, entertainment and commerce in small and mid-sized markets.”
Townsquare Media operates 62 stations in 13 markets.