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.
- Blowback Over Audacy’s $825,000 Employee Contract
- Programming to Short Attention Spans
- How ChatGPT Can Help a Radio Station
- Radio Groups Pressured to Cut Staff
- Video Podcasts More Popular Than Audio
- How Radio Will Beat FTC’s Non-Compete Ban
- Audacy Bankruptcy Becoming More Likely
- Townsquare May Shut More AM Stations
- Audacy On a Spending Spree
- iHeart Suckers 43 Air Personalities