Townsquare Media (Website) (known previously as Regent Communication  is a radio license acquisition company that operates 12 AM and 50 FM radio stations,   mostly in the Great Lakes area of the United States in smaller markets.  The company employs around 800 people.   Regent Communications was traded on Nasdaq under symbol RGCI.

Regent Communications is located in Cincinnati, Ohio.

Nothing in this page should be construed as investment advice.  It is presented to provide information for web site visitors about who owns and operates America’s radio stations, and information that may give insights at how they are coping with the global financial problems of 2008/2009


Regent was formed in 1996 by William L. Stakelin and Terry S. Jacobs to accumulate a group of medium and small market radio stations following the relaxation of the FCC ownership limits in 1996.

William Stakelin owned a company of the same name until 1995, when his company was sold to Jacor (to ultimately wind up part of Clear Channel).   He  also owned a radio group called Radio Apollo, which became half of the current Regent Communications.

Terry Jacobs is a private equity executive and real estate developer.  He left Regent in 2005.

In January 2000, the company launched its IPO.

Major Stations – top 25 markets

Regent owns no radio stations in a major market.  Their stations are mainly in St Cloud Minnesota, Buffalo NY, Grand Rapids Michigan, and downstate Illinois.  

List of Regent Communications Radio Stations


The companies ownership is one class of stock with 49 million shares outstanding.  That makes the Market Capitalization of the entire company at about $7 million.

As of January 2009, Mr Stakelin owned 697,000 shares and Mr Vasconcellos owned 408,000 shares.

In January, Mr Stakelin acquired 200,000 shares under an executive compensation plan, and immediately sold approximately 31,000 shares.

On May 8, 2009, Bank of America declared the company in default of its lending agreement because the Auditor’s opinion contains a “going concern” warning.  The default triggers a higher interest rate.  The company had been trying to stay out of default by stopping spending on promotion, and selling 6 radio stations.

As of May 29, 2009, the stock is selling for $.15/share, and has been notified by NASDAQ that it will be delisted when NASDAQ resumes enforcement of its $1/share minimum price listing requirement.

In late 2009, Nasdaq informed the company that it will be delisted both for not meeting the $1/share requirement and for not meeting the minimum capital requirements.

The first week of January 2010, the company informed the SEC that it had not made a required interest payment on December 31, 2009, was in default on a $1.2 million payment required on an interest rate swap and had unpaid professional fees related to its credit facility.

On March 1st, 2010 the company filed Chapter 11 bankrupcty. Oaktree Capital Management has taken over control of the firm following bankruptcy and renamed the company Townsquare Media. Because of FCC ownership limits, Townsquare Media will have to divest stations in other markets where Oaktree also has an reportable ownership interest.


William Stakelin (co-founder)  is President and CEO.

Anthony Vasconcellos is CFO.

Financial Condition as of 2008 (10-K)

Key Balance Sheet Items: (2008)

Total Assets:  $205 Million

  • Value of Radio Station licenses: $135 million
  • Goodwill and other intangible Assets:  $18 Million
  • Cash:  $1 Million
  • Accounts Receivable: $14 Million  (53 days of revenue)
  • Land, Buildings, Equipment (net) $32 Million


  • Current Liabilities:  $191 million
  • Long Term Debt:  $13 Million

Stockholder Equity:  -$126 Thousand

Credit Facility

The company has an $240M credit facility from a group of banks, $165 million in term loans, and $75 million of revolving credit.

Swap transactions

The company has interest rate swap transactions in place converting most of their LIBOR credit facility to essentially fixed rate interest of about 4.8%.

10-k Notes

The auditor says there is significant doubt about whether Regent will survive as a going concern.  That qualified opinion has triggered default of the company’s credit facility.


All numbers in $million 2008 2007 2006 2005 2004
Radio Revenue 96 97 82 ? ?
License Impairment 67 163 44 ? ?
Operating Income(Without Impairment) 24 22 12 ? ?
Long Term Debt Balance 198 208      
Debt Service Cost 11.8 16.8      

Because of the default, $185 million of long term debt is now current debt

Stock Performance

The first day of trading closed at $11.75/share.    By May 2000, the stock was down to $5.69/share, and other than a brief spike in June 2001, the stock has been in a steady decline.   If you bought at the IPO price, you have lost 98.7% of your investment in 9 years.

Leave a Reply