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The second quarter has been basically flat for most radio companies reporting to Wall Street as ad spending in May, June, and July seems to have dropped off the table. Townsquare, reporting its first quarter to The Street since going public, reported a 7.8 percent revenue increase. That increase was driven by Townsquare's digital and events businesses, which were up $8 million or 39.3 percent. Local advertising spending revenue was flat (down $200,000) and the company blamed that on four underperforming markets it purchased from Cumulus in 2013 and a hangover from the harsh winter weather in the Northeast.
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