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8-K - FORM 8-K - REGENT COMMUNICATIONS INC | c00412e8vk.htm |
EX-3.1 - EXHIBIT 3.1 - REGENT COMMUNICATIONS INC | c00412exv3w1.htm |
Exhibit 99.1
IMMEDIATE RELEASE
REGENT COMMUNICATIONS APPOINTS NEW SENIOR LEADERSHIP
AND CHANGES NAME TO TOWNSQUARE MEDIA
AND CHANGES NAME TO TOWNSQUARE MEDIA
Steven Price Appointed Chairman and Chief Executive Officer
Stuart Rosenstein Appointed Executive Vice President and Chief Financial Officer
Senior Executive Team Brings Experience and Track Record of Success in Growing through Acquisitions
Cincinnati, OH May 3, 2010 Townsquare Media, Inc., which was formerly known as Regent
Communications, Inc., announced today that Steven Price, co-founder of media investment firm
FiveWire Ventures, has been named the Companys Chairman and CEO. FiveWire co-founder Stuart
Rosenstein has been named Executive Vice President and Chief Financial Officer of the Company.
Townsquare Media operates 62 radio stations in 13 mid-sized markets. The Company emerged from
bankruptcy protection on April 27, 2010, less than two months after its initial Chapter 11 filing.
A fund managed by Oaktree Capital Management, L.P., a premier global alternative and
non-traditional investment manager, owns a majority equity stake in the Company. Messrs. Price and
Rosenstein intend to make a significant equity investment in the Company.
Messrs. Price and Rosenstein will succeed William Stakelin and Anthony Vasconcellos, who resigned
from the Company.
Stuart and I are pleased to join Townsquare Media and look forward to building, through internal
growth and acquisitions, a leading provider of local media, entertainment and commerce in small and
mid-sized markets, said Mr. Price. The radio business is undergoing massive change and we are
excited to invest in and build upon Townsquare Medias leadership positions in its markets to
develop a new media business for the 21st century, focused on local media across
multiple platforms.
I am delighted to have the opportunity to be part of the Townsquare team as it starts a new
chapter and concentrates on expanding its audience, serving advertisers and driving innovative
digital products, said Mr. Rosenstein. Together, we are focused on strengthening the Companys
operational execution and creating value for all of our stakeholders, particularly our clients,
employees and investors.
We are excited about this partnership and the new leadership at Townsquare Media, said Andrew
Salter, Senior Vice President of Oaktree Capital Management. At the same time, we thank Bill and
Tony for their longstanding service to the Company and their stewardship during the bankruptcy
process. As we focus on the future, we look forward to building a market-leading, valuable media
business with Steven and Stuart.
Tony and I are both very proud of our accomplishments at Regent, which has consistently performed
as a radio industry leader due primarily to the outstanding abilities of our employees, said Mr.
Stakelin. We wish the Company well and wish the new owners and management team well with their
decision to take the Company in a new direction.
About Steven Price
Prior to co-founding FiveWire, Mr. Price, 48, was a Senior Managing Director at New York-based
private equity firm Centerbridge Partners and, before that, he held a similar position at Spectrum
Equity Investors. Before joining the private equity business, Mr. Price served in the Pentagon as
Deputy Assistant Secretary of Defense (Spectrum, Space, and Communications). Prior to joining the
Pentagon, he served as President and CEO of LiveWire Ventures, a software and services company he
founded with Mr. Rosenstein. Mr. Price was also formerly the President and CEO of PriCellular
Corporation, a publicly traded cellular phone operator focused on small to mid-sized markets.
About Stuart Rosenstein
Prior to co-founding FiveWire, Mr. Rosenstein, 49, was previously the owner and managing principal
of AMG Financial, a $100 million private lending firm that extended financing and provided
collateralized loans and other services principally to the real estate industry. He co-founded
LiveWire Ventures with Mr. Price and served as the companys Executive Vice President and Chief
Financial Officer. Prior to that, he was the Executive Vice President and Chief Financial Officer
of PriCellular. Mr. Rosenstein started his career at Ernst & Young.
About Townsquare Media
Townsquare Media, Inc., is a radio broadcasting and digital content company focused on acquiring,
developing and operating radio and digital properties in mid-sized markets. Townsquare Media
operates market-leading media clusters in 13 U.S. cities. The Companys majority shareholder is a
fund managed by Oaktree Capital Management, L.P. www.townsquaremedia.com
About Oaktree Capital Management
Oaktree is a premier global alternative and non-traditional investment manager with over $76
billion in assets under management as of March 31, 2010. The firm emphasizes an opportunistic,
value-oriented and risk-controlled approach to investments in distressed debt, high yield and
convertible bonds, specialized private equity (including power infrastructure), real estate,
emerging market and Japanese securities, and mezzanine finance. Oaktree was founded in 1995 by a
group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles,
the firm today has approximately 600 employees and offices in 14 cities worldwide.
http://www.oaktreecapital.com/
This press release includes certain forward-looking statements with respect to Townsquare Media,
Inc. for which it claims the protections of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements
involve certain risks and uncertainties and include statements preceded by, followed by or that
include words such as anticipate, believe, plan, estimate, expect, intend, project
and other similar expressions. Although Townsquare Media believes expectations reflected in these
forward-looking statements are based on reasonable assumptions, such statements are influenced by
financial position, business strategy, budgets, projected costs, and plans and objectives of
management for future operations. Actual results and developments may differ materially from those
conveyed in the forward-looking statements based on various factors including, but not limited to:
changes in economic, business and market conditions affecting the radio broadcast industry, the
markets in which we operate, and nationally; increased competition for attractive radio properties
and advertising dollars; increased competition from emerging technologies; fluctuations in the cost
of operating radio properties; the Companys ability to manage growth; the Companys ability to
effectively integrate its acquisitions; potential costs relating to stockholder demands; changes in
the regulatory climate affecting radio broadcast companies; cancellations, disruptions or
postponement of advertising schedules in response to national or world events; and the Companys
ability to regain and maintain compliance with the terms of its credit facilities or to refinance
or restructure such obligations. Further information on other factors that could affect the
financial results of Townsquare Media, Inc.. is included in Townsquare Medias filings with the
Securities and Exchange Commission. These documents are available free of charge at the
Commissions website at http://www.sec.gov and/or from Townsquare Media, Inc.
Media Inquiries:
Steve Lipin/Erin Becker
Brunswick Group
212-333-3810
Steve Lipin/Erin Becker
Brunswick Group
212-333-3810