June 20, 2011
Oaktree Capital has filed for a $100 million initial public offering. "Public ownership is the most widely accepted way to go beyond an entrepreneur-led or family-owned company to be able to live on indefinitely," the SEC filing stated. Oaktree was founded by Howard Marks and Bruce Karsh back in 1995. In the filing, Oaktree said "Since March 31, 2006, we have raised more than $60 billion in assets, including over $10 billion in each of the last four calendar years, despite a difficult fundraising environment. In the 12 months ended March 31, 2011, we raised over $11 billion for 15 strategies from more than 300 different clients"
Townsquare Media's largest shareholder is a fund managed by Oaktree Capital. Born in 2009, Townsquare has accumulated over 160 stations in more than 30 markets. A lot of those pickups were distressed radio companies, a specialty of Oaktree. CEO Steven Price (pictured) has his eye on growing the company when opportunities come up. Townsquare focuses on small to medium size markets.
Oaktree will use part of the proceeds from the offering to acquire Oaktree Operating Group units from its affiliate Oaktree Capital Group Holdings L.P. (OCGH). Goldman Sachs and Morgan Stanley are underwriting the offering.
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