Townsquare Announces Repurchase of Just Under 10% of Outstanding Shares
Portfolio Pulse from Benzinga Newsdesk
Townsquare Media, Inc. (TSQ) announced the repurchase and retirement of 1.5 million shares of Class A common stock from MSG National Properties, LLC at $9.76 per share, an 11% discount from the closing price on March 28, 2024. This follows previous repurchases in June 2023 and March 2021. The $14.6 million purchase was funded with cash on hand. Townsquare's Cash Flow from Operations increased 35% year-over-year to $68 million in 2023, with the transaction increasing Cash Flow per share to approximately $4.47, a 10% accretion. Post-transaction, the company has 15.2 million shares outstanding.
April 01, 2024 | 10:05 am
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Townsquare Media repurchased 1.5 million shares at a discount, indicating strong cash position and confidence in its stock value. Cash Flow per share increased, reflecting positive financial health.
The repurchase of shares at a discount demonstrates Townsquare's strong cash position and management's confidence in the company's value, likely leading to positive investor sentiment. The increase in Cash Flow per share post-transaction further underscores the company's solid financial health and operational efficiency, which could lead to a short-term positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100