Townsquare Media is owned by Private equity firm Oaktree Capital. After Clear Channel went public, many of the small market stations were sold off because they were not economically viable.
Over the years, Townsquare bought up a lot of other radio stations from bankruptcy sales – mostly in the “rust belt” around the Great Lakes. The concept seems to be like if you take string and wrap it up in a ball, if you get enough string it will become valuable.
According to their SEC filing, they own 312 stations and had $279 million of revenue. The company made a net profit in 2013 of $10 million
However, the finances radically changed as Oaktree (not Townsquare) unloaded Westwood One / Dial Global onto Cumulus in exchange for a bunch of similar small market stations. Townsquare added $285 million in new debt which hasn’t yet fully been reflected into the overall results.