10:23 AM EDT, 04/01/2024 (MT Newswires) -- Townsquare Media ( TSQ ) said Monday it is repurchasing and retiring 1.5 million Class A shares held by MSG National Properties for $9.76 per share.

"The strong cash generation characteristics of our business model, which produced $68 million of cash flow from operations in 2023, has afforded us the opportunity to accretively repurchase equity and debt, while also investing internally in our digital growth engine," said Chief Executive Officer Bill Wilson.

The company said it continues to expect Q1 revenue of $98.5 million to $100 million. Three analysts surveyed by Capital IQ expect $98.6 million.

Townsquare also reaffirmed its full-year 2024 revenue guidance of $440 million to $460 million. Three analysts surveyed by Capital IQ expect $453.5 million.

Shares of the company were up about 2% in recent trading.

Price: 11.19, Change: +0.21, Percent Change: +1.87