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Spotlight on Associates


Townsquare Completes Sale Of North American Midway Entertainment


NEWS PROVIDED BY Townsquare Media, Inc. May 24, 2018, 16:45 ET


GREENWICH, Conn., May 24, 2018 /PRNewswire/--


Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare" or the "Company") announced today that it has completed the sale of North American Midway Entertainment, LLC ("NAME") to North American Fairs, LLC, an entity owned by Danny Huston, for $23.5 million plus a 15% residual interest in any future proceeds of a sale of NAME in the next ten years. NAME is North America's largest mobile amusement


company, entertaining approximately 16 million people on an annual basis as the owner and operator of amusement


attractions at approximately 150 fairs per year across the United States and Canada. NAME has been a subsidiary of the Company since it was acquired in 2015. In 2017, the Company announced that it was initiating a strategic review of its Entertainment segment, which included NAME. Under the terms of the purchase agreement, North Amer-


ican Fairs, LLC will acquire all of the issued and outstand- ing membership interests of NAME's parent company, Heartland Group, LLC, from the Company for total cash consideration of $23.5 million. In addition, Townsquare will have the right to receive 15% of any sale proceeds if NAME is sold, in whole or in part, in the next ten years. The Company expects to hold the net cash pro- ceeds from the sale on its balance sheet, pending reinvest- ment. For the year ended December 31, 2017, NAME generat-


ed net revenue, net loss, Adjusted EBITDA and capital expenditures of $92.2 million, $33.7 million, $7.3 million and $6.3 million, respectively. Pro forma for the divestiture of NAME, Townsquare's 2017 net revenue, net income, Adjusted EBITDA and capital expenditures were $415.2 million, $23.4 million, $89.9 million and $16.5 million, re- spectively.


In May of I hosted a round table ses-


sion during the Florida Federation of Fairs annual convention. The topic was New Ways to Market Your Fairs. We discussed Facebook's ads manager, ways to hack Instagram and Snapchat geofilters. The most important thing I ad-


dressed, however, was the importance of attention. The difference between over-priced, appropriately priced and under-priced attention and why the un- der-priced attention is everything to a business. In looking at attention we also estab-


lished the differences between market- ing behavior and our own human be- havior. I truly believe if we all develop more self-awareness in our businesses, then the sky's the limit for our growth. Others in the photograph with Robert are


Margie Leturno, Citrus County Fair, Steve White, EMC Tickets, Becky Brashear, The Great Frederick Fair in Maryland and Im- mediate Past IAFE Chair. To view this video visit the Florida Feder- ation of Fair’s Facebook page.


Robert Smith FAIRCRACKER-SUMMER 2018


IMPORTANT ALL MEMBERS PLEASE GO TO THE


FEDERATION’S WEBSITE AND CHECK YOUR LISTING. CHECK TO SEE IF YOU ARE IN THE RIGHT CATEGORY AND ALL OF YOUR IN- FORMATION IS CORRECT. THE 2018-19 DIRECTORY IS


BEING COMPILED NOW AND WILL BE PUBLISHED IN LATE SUMMER. 65


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