Their new bean counters revealed $108 million in restatements for 2017 through 2019.
In other words, the past three years were financial fiction.
Among the changes: huge write downs of sticks and goodwill and they overpaid for a live events company and got burned.
Investor lawsuits are being pursued already – only one day after the restatement.
But Townsquare stock rebounded in trading yesterday while the Dow was down and it has been well up from a couple of weeks ago.
For the first time, the industry gets a real honest look at Townsquare and its future.
Recent Posts
- Inside iHeart’s Barter Machine
- The Audience That Stayed
- Foreigners to Radio’s Rescue
- Should Radio Demand a Button on the Digital Dashboard?
- What Everyone Is Missing at Cumulus
- Independent Owners Retirement Crisis
- Are Beasley’s Major Markets Next
- The Plan for Westwood One
- Listener Supported Commercial Stations
- Bye Bye Market Managers