>In connection with Townsquare Media, Inc. (NYSE: TSQ) (the “Company”) meeting with lenders to discuss a possible reduction in the interest rate under its senior secured credit agreement, the Company reaffirms the following guidance:

For the fourth quarter ended December 31, 2016, the Company expects to report net revenue of between $117 million and $121 million, and Adjusted EBITDA of between $24 and $25 million. For the full year ended December 31, 2016, the Company expects to report net revenue of between $514 and $518 million, and Adjusted EBITDA of between $106 and $107 million.

Adjusted EBITDA constitutes a non-GAAP measure within the meaning of the federal securities laws. For further information regarding Adjusted EBITDA and a reconciliation thereof to net income, see Exhibit 99.1 to our Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 8, 2016.

Forward-Looking Statements

The matters addressed above are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, written, oral or otherwise made, represent the Company’s expectation or belief concerning future events. Without limiting the foregoing, the words “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “strives,” “goal,” “estimates,” “forecasts,” “projects” or “anticipates” and similar expressions are intended to identify forward-looking statements. By nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statement. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. In particular, because of the recent conclusion of the year ended December 31, 2016, the estimates provided above, by necessity, are based only upon preliminary information available at this time. Therefore, you should not place undue reliance on forward-looking statements. In addition, see “Risk Factors” and “Forward-Looking Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on February 26, 2016, for a discussion of factors that could cause our actual results to differ from those expressed or implied by forward-looking statements. Townsquare Media, Inc. assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise.

About Townsquare Media, Inc. (NYSE:TSQ)

Townsquare Media, Inc. is a media, entertainment and digital marketing solutions company principally focused on small and mid-sized markets across the United States. The Company operates through two segments: Local Advertising and Live Events. The Company’s Local Advertising segment offers broadcast, digital and mobile advertising within its local markets. The Company’s Live Events segment consists of a range of live events, which the Company creates, promotes and produces, including music concerts, multi-day music festivals, fairs, consumer expositions and trade shows, athletic events, lifestyle events and other forms of entertainment. The Company reports the remainder of its business in its Other Media and Entertainment category, which principally provides digital marketing solutions, e-commerce solutions and digital advertising services nationally. The Company’s assets include radio stations, live events, and digital, mobile, video and social media properties.

Townsquare Media, Inc. (NYSE:TSQ) Recent Trading Information

Townsquare Media, Inc. (NYSE:TSQ) closed its last trading session down -0.41 at 10.45 with 44,388 shares trading hands.