IMMEDIATE RELEASE

TOWNSQUARE MEDIA, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2014 RESULTS

Greenwich, CT - March 16, 2015
- Townsquare Media, Inc. (NYSE: TSQ) (the "Company," "we," "us," or "our") announced today financial results for the fourth quarter and year ended December 31, 2014.

Fourth Quarter Highlights

Pro forma net revenue increased 9.5%
Pro forma Local Advertising net revenue increased 5.6%
Pro forma Live Events net revenue and pro forma Other Media and Entertainment net revenue saw strong increases
Pro forma Adjusted EBITDA excluding duplicative and non-recurring corporate expenses increased 8.6%

Full Year Highlights

Pro forma net revenue increased 8.4%
Pro forma Local Advertising net revenue increased 2.6%
Pro forma Live Events net revenue and Pro Forma Other Media and Entertainment net revenue saw strong increases
Pro forma Adjusted EBITDA excluding duplicative and non-recurring corporate expenses increased 3.5%
Nearly 30% of pro forma net revenue was derived from sources other than the sale of terrestrial radio station advertising

"Consistent with our January pre-announcement, we are pleased to report fourth quarter pro forma net revenue growth of 9.5% and pro forma Adjusted EBITDA growth of 8.6%, with strong growth in each of our operating segments. Further, we are pleased to announce that we have broken out our Live Events business as a separate reportable operating segment and believe this will provide increased transparency to our investors. Nearly 30% of our 2014 pro forma net revenue was derived from sources other than the sale of terrestrial radio advertising," commented Steven Price, Chairman and Chief Executive Officer of Townsquare Media, Inc.

Quarter Ended December 31, 2014 Compared to the Quarter Ended December 31, 2013

Net Revenue
On an actual basis, net revenue increased $17.9 million, or 23.7%, to $93.7 million, compared to $75.8 million in the same period last year. Local Advertising net revenue increased $13.4 million, or 20.0%, to $80.3 million, Live Events net revenue increased $2.2 million, or 70.4%, to $5.4 million and Other Media and Entertainment net revenue increased $2.4 million, or 42.0%, to $8.0 million. These increases were primarily attributable to the acquisitions made during the second half of 2013, including certain assets of Peak II Holding, LLC, Cumulus Media Inc. and certain live events.

Pro forma for completed material acquisitions, net revenue increased $8.1 million, or 9.5%, to $93.7 million, compared to $85.6 million in the same period last year. Local Advertising pro forma net revenue increased $4.2 million, or 5.6%, to $80.3 million. Live Events pro forma net revenue increased $1.9 million, or 53.8%, to $5.4 million, primarily attributable to increases in the number of events as well as attendance and revenue per attendee of our live events. Other Media and Entertainment pro forma net revenue increased $2.0 million, or 33.0%, to $8.0 million, primarily attributable to growth within our digital marketing services and national digital assets.

Adjusted EBITDA
On an actual basis, Adjusted EBITDA increased $4.9 million, or 25.9%, to $24.0 million, compared to $19.1 million in the same period last year.

Pro forma Adjusted EBITDA excluding duplicative and non-recurring corporate expenses increased $1.9 million, or 8.6%, to $24.2 million, compared to $22.3 million in the same period last year.


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The following information was filed by Townsquare Media, Inc. (TSQ) on Monday, March 16, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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