The arm of Townsquare Media that includes its 309 radio stations saw its net revenue increase 3.8% on a pro forma basis in the most recent quarter. But the company’s entertainment segment posted a revenue decline of 4.5% due to bad weather at outdoor events.
Chairman/CEO Steven Price reported the latest financial numbers. At the company overall, net revenue in the third quarter was approximately flat and net income fell 31.7%.
All of these numbers are “pro forma” to set aside the impact of an acquisition and the divestiture of 43 towers in the third quarter of last year.
For the year to date, pro forma net revenue has increased $8.4 million, or 2.2%, compared to the year prior, while pro forma net income increased $11.5 million, or 134.1%. Pro forma adjusted EBITDA for the year increased 0.5% to $81.9 million; the latter is an accounting tool that helps measure operating performance comparisons on a consistent basis.
The company considers itself the third-largest radio broadcaster in the United States as measured by station count. In addition to its stations, it has 325 local websites, hundreds of live events, a digital marketing solutions company and a digital ad network.
It recently changed how it divides its businesses. Its Local Marketing Solutions segment covers broadcast and digital offerings to local markets, while Entertainment means events, music/lifestyle content offered directly to consumers, and promotion, advertising and product activations to local and national advertisers. Until Q2, it had reported results in segments called Local Advertising; Live Events; and Other Media and Entertainment.