TOWNSQUARE DRIVES SEQUENTIAL IMPROVEMENT IN SECOND QUARTER

Digital Represents 52% of 1H'24 Total Net Revenue Repurchased $14 Million of Debt and $22 Million of Equity in 1H'24

Purchase, NY - August 7, 2024 - Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare", the "Company," "we," "us," or "our") announced today its financial results for the second quarter ended June 30, 2024.

"I am pleased to share that Townsquare's momentum is building as demonstrated by another quarter of sequential net revenue improvement, primarily due to our local focus and our unique and differentiated digital platform. Second quarter net revenue decreased -2.5% year-over-year and Adjusted EBITDA decreased -8.3% year-over-year, both meeting guidance and reflecting a sequential improvement from first quarter declines. In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare's net revenue in the first six months of the year," commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. "Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market. In fact, S&P Global upgraded their rating of our Senior Secured Notes (the "Notes") from B to B+ in June, citing our performance and credit metrics. In the first six months of the year, we have repurchased and retired $14 million of our Notes at a discount to par, and repurchased $22 million of equity, or 2.2 million shares, including the accretive share repurchase of 1.5 million shares from Madison Square Garden. At the same time, we have maintained our high yielding dividend and a strong cash balance, which was $29 million at the end of the second quarter."

Mr. Wilson concluded, "Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.

The Company announced today that its Board of Directors approved a quarterly cash dividend of $0.1975 per share. The dividend will be payable on November 1, 2024 to shareholders of record as of the close of business on October 15, 2024. As of yesterday's closing price that reflects a dividend yield of approximately 7%.

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About Townsquare Media, Inc.

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 23,575 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 349 local terrestrial radio stations in 74 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com and NJ101.5.com, and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com, and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.

Investor Relations:
Claire Yenicay
(203) 900-5555
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