Nikkei edges up, high-tech shares jump on earnings
TOKYO, May 1 Japanese stock prices posted modest gains on Monday as high-tech shares such as Tokyo Electron and Murata Manufacturing gained on upbeat earnings in otherwise holiday-lulled trading.
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June 24 Radio station operator Townsquare Media LLC filed with U.S. regulators on Tuesday to raise up to about $143.8 million in an initial public offering.
The Greenwich, Connecticut-based company listed Merrill Lynch, Pierce, Fenner & Smith, Jefferies and RBC Capital Markets as the lead underwriters to the IPO. (bit.ly/1pgEsyE)
Townsquare operates radio stations, digital and social platforms and organizes live events in small- and mid-sized markets across the United States.
After the IPO, the company will be renamed Townsquare Media Inc, it said in a filing.
The company, which has about 47 studios and 326 towers, also offers digital advertising and marketing services.
Townsquare operates websites such as TasteofCountry.com, PopCrush.com, UltimateClassicRock.com and Loudwire.com and provides digital advertising services to music-focused websites such as JustJared.com, HypeMachine.com and ContactMusic.com.
Private equity firm Oaktree Capital Group LLC, GE Capital and SOF Investments LP are among Townsquare's top shareholders.
Townsquare, earlier known as Regent Communications Inc, emerged from bankruptcy protection in 2010.
The company's revenue rose 48 percent to $79.2 million in the quarter ended March 31. Net loss narrowed to $530,000 in the quarter from $2.3 million, a year earlier.
Townsquare, which had more than 2,500 employees as of March 31, had debt of about $645 million.
The company's competitors include entertainment companies such as Live Nation Entertainment Inc and AEG, and internet marketing providers, offline media companies such as yellow page publishers and venue operators.
Townsquare did not say in the filing how many shares it planned to sell or their expected price.
The company said it planned to use the IPO proceeds to repay debt and would list its class A common stock on the New York Stock Exchange under the symbol "TSQ".
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Neha Dimri in Bangalore; Editing by Savio D'Souza and Kirti Pandey)
U.S. CONGRESS NEGOTIATORS REACH DEAL TO FUND GOVERNMENT THROUGH SEPT 30; FULL HOUSE AND SENATE STILL MUST APPROVE -SENIOR CONGRESSIONAL AIDE