NEW YORK (CelebrityAccess) — Madison Square Garden Co. has acquired a significant minority state in digital media, advertising and live event company Townsquare Media.
According to the Wall Street Journal, MSG acquired approximately 3.2 million shares of Townsquare, representing a 12% stake in the company in a deal worth nearly $30 million, based on Townsquare's market value of about $230 million.
Townsquare owns 310 radio stations and more than 325 websites in 66 U.S. markets, among other media assets which are primarily focused on small and midsize communities. Townsquare also stages more than 500 live events a year in the U.S. and Canada, including including music festivals like Mountain Jam, WE Fest and the Taste of Country Music Festival.
As well, the company operates a number of influential culture-related websites such as XXL.com, TasteofCountry.com, Loudwire.com, JustJared.com and BrooklynVegan.com. – Staff Writers