Scott Schatz, Executive Vice President of Finance, Operations, and Technology at Townsquare Media Inc. (NYSE:TSQ), recently sold shares of the company's Class A common stock. According to a Form 4 filing with the Securities and Exchange Commission, Schatz sold a total of 5,150 shares over two days. The stock, currently trading at $9.71, is near its 52-week low of $9.48, though InvestingPro analysis suggests the company is fairly valued. The transactions occurred on December 16 and 17, with shares sold at prices ranging from $9.75 to $10.20, amounting to a total sale value of $50,280.
Following these transactions, Schatz holds 43,068 shares of Class A common stock. Additionally, he maintains ownership of 200,083 shares of Class B common stock, which includes 21,846 shares not subject to vesting or transfer restrictions and 178,237 options that are fully vested and unrestricted.
In other recent news, Townsquare Media has announced significant developments in its financial strategies and operational performance. The company recently revealed a new stock repurchase plan, authorizing the buyback of up to $50 million of its issued and outstanding Class A common stock over the next three years. This move follows Townsquare Media's previous repurchase activities, which saw about $40.5 million worth of stock repurchased over the past three years.
In its Q3 2024 earnings call, the company reported a slight increase in net revenue to $115.3 million, primarily driven by growth in its digital advertising segment and programmatic advertising. Townsquare Media also announced plans for debt refinancing in early 2025, anticipating favorable interest rate shifts.
The company's management also disclosed a partnership with SummitMedia for a white-label digital programmatic advertising solution, expected to ramp up in 2025. While these are recent developments, they highlight Townsquare Media's proactive approach to managing its financial health and capitalizing on digital growth opportunities. These actions are based on the company's ongoing efforts to manage its capital and return value to its shareholders.
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