Townsquare Media has released its 2025 Q3 financial results for the quarter ending on September 30.

Townsquare reported a revenue drop of 7.4% year-over-year to $106.8 million, down to 4.5% if political advertising was removed. Their broadcast segment revenue was down 13.8%, digital advertising including Townsquare Ignite and other owned and operated digital properties dipped 1.5%, and Townsquare Interactive subscription digital marketing solutions business services were down 2.3%. Total income dropped from $11.3 million in Q3 2024 to a loss of $5.5 million.

For the year to date, broadcast advertising revenue is down 10.8% and 8.0% excluding political. Digital represented 55% of Townsquare’s net revenue year-to-date marking the company’s shift away from a broadcast focus. As of September 30, Townsquare has a total of $3.2 million of cash and cash equivalents and $463.4 million of outstanding debt as it paid of $17 million owed during the quarter.

Townsquare CEO Bill Wilson commented, “I am pleased to share that Townsquare’s third quarter results met our previously issued net revenue and Adjusted EBITDA guidance, reflecting our team’s hard work in the current macroeconomic environment. In the third quarter, net revenue decreased -4.5% year-over-year excluding political, and -7.4% in total, meeting our guidance, and Adjusted EBITDA decreased -2.0% year-over-year excluding political, and -13.5% in total, also meeting our guidance. Importantly, due to our strong expense management, Adjusted EBITDA margins excluding political improved year-over-year, despite revenue declines. In addition, our third quarter net loss was $5.5 million. In the first nine months of 2025, Townsquare’s total Digital net revenue increased +2.1% year-over-year, representing 55% of the Company’s total net revenue, and Digital Segment Profit increased +3.6% year-over-year, operating at a 26% profit margin, and representing 55% of our total Segment Profit. In particular, I’d like to highlight the strong performance of our Direct Digital Advertising revenue streams (including the direct sales of our owned and operated digital properties and our programmatic offering), which increased +7% year-over-year in the third quarter, partially offsetting the significant short-term headwinds we are currently facing due to the deterioration in online audience trends; and the strong profit performance of Townsquare Interactive, which delivered Segment Profit growth of +21% year-over-year in the third quarter (+$1.1 million) and +19% year-over-year in the September year-to-date period (+$3.0 million).”

Wilson continued, “Despite numerous headwinds that we have encountered, we are proud that the execution of our Digital First Local Media strategy has allowed us to deliver excellent results for our clients, while also producing strong cash flow from operations due to the thoughtful and deliberate management of our expense base. Since our successful February refinancing, we have applied our cash flow towards organic investment in our digital growth engine and debt repayment, while also maintaining our high yielding dividend. Since the refinancing, we have reduced our outstanding debt by $17 million, including $6 million of Term Loans which we repurchased at a discount in the third quarter. Looking forward, we remain confident in our ability to build shareholder value for our investors through long term net revenue, Adjusted EBITDA and cash flow growth, net leverage reduction, and future dividend payments.”