Townsquare Media, Owner of Local Radio Stations, Sells Amusement Company At Huge Loss

townsquare media atlantic city radio

According to Radio Ink Magazine, an industry journal devoted to radio broadcasting, Townsquare Media has sold it’s North American Midway Entertainment [NAME] to North American Fairs for $23.5 million plus a 15% residual interest in some future proceeds. Townsquare purchased ‘NAME’ in 2015 for $75.5 million. (They really took a bath with that)

Townsquare Media owns and operates Atlantic City area stations like WPG 1450, Cat County 107.3 and Sojo 1049.

The media company has been shopping around the amusement company for a while. It wasn’t performing as hoped. Townsquare’s new leadership has been placing more focus on a “local first” strategy.

Radio INK : Back when ‘North American Midway Entertainment’ was purchased in 2015, then-CEO Steven Price said purchasing NAME would help Townsquare become less reliant on advertising.

With declining radio listener-ship and advertiser support, Townsquare (and other broadcasters like Longport Media) are desperate to diversify their product offerings. They need more than just selling :60 sec radio commercials.

Today, most media companies are trying to offer more multi-channel, cross-platform opportunities to consumers and business clients with mixed results.

Townsquare Media is one of the largest AM–FM operators in the country, owning over 310 radio stations in 66 markets.

News & Info from Atlantic City