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Townsquare, Entercom Report Q3 2018 Revenues

Townsquare has reported Q3 2018 net revenue of $114.4 million, up from $111.9 million in the same period last year. Operating income and net income hit $22.2 million (6.5%) and $9.7 million (-32%), respectively. "Our third quarter results were at the top end of our previously issued guidance and are reflective of the strong performance we have generated with our 'local first' strategy," Co-CEO Bill Wilson says. "Net revenue increased 1.9% and Adjusted EBITDA increased 6.9% in the third quarter, driven by the continued impressive growth of our digital businesses, particularly Townsquare Interactive and Townsquare Ignite." More here.

Entercom's Q3 results were also released today (11/6). Net revenue was $378.5 million, up from $122.2 million in Q3 2017. Operating income and Pro Forma Adjusted EBITDA, meanwhile, was $78.7 million (+483%) and $86.7 million (-3%), respectively. "As we close in on the one year anniversary of our transformational merger with CBS Radio, we are very pleased with our progress and excited about the momentum we are building across multiple growth initiatives," CEO David Field says. "Revenues have improved significantly since the first half of the year and the fourth quarter is on track for significant growth." More here.