GREENWICH, Ct (Top40 Charts) Townsquare Media, Inc. (NYSE:TSQ) has acquired WE Fest, the world's largest country music and camping festival.
Founded in 1983 and based in
Detroit Lakes, MN, WE Fest has grown into an annual destination event, drawing attendees from 48 states. Located at the Soo Pass Ranch, a picturesque 500 acre lakefront facility comprised of a natural amphitheater and more than 9,000 campsites, the festival welcomed approximately 45,000 people each day in 2014 and has featured some of the biggest stars in country music including Jason Aldean, Brad Paisley, Zac Brown Band, Florida Georgia Line, Kenny Chesney,
Carrie Underwood and Eric Church. The Country
Music Association has twice nominated WE Fest for Best Special Event.
With this purchase, Townsquare Media further strengthens its focus on and commitment to country music: first as the producer and promoter of ten large-scale country music events which collectively reach an audience of nearly 350,000 attendees, including Country Jam in Grand Junction, CO; the Taste of Country
Music Festival at Hunter Mountain; Headwaters Country Jam in Three Forks, MT; WYRK's Taste of Country in Buffalo, NY; and WGNA's CountryFest in Albany, NY; second, as the owner and publisher of tasteofcountry.com and theBoot.com, the leading country music digital destinations based on web traffic and, finally, as the owner and operator of more than 46 market-leading country music radio stations and companion websites across the country.
"We are very excited about the purchase of WE Fest," said Dhruv Prasad, Executive Vice President, Live Events for Townsquare Media. "The addition of WE Fest to our portfolio of music festivals positions Townsquare Media as one of the leading country music festival owners in the United States. We look forward to continuing to grow the audience at WE Fest, along with the operating leadership team of the festival, including Bob Bliss, John Gourley, and Mark Schultz, who will be joining Townsquare."
Rand Levy, owner of WE Fest, commented, "I am happy to deliver WE Fest to a company that shares my vision, and which will continue to operate WE Fest in concert with its leading event, broadcast radio, and digital assets focused on country music. It is the perfect way for this event to continue to thrive, and I am excited about WE Fest's future."
The consideration delivered at closing consisted of approximately $21.5 million in cash, net of adjustments, and 100,000 Townsquare Media Class A common shares. Cash consideration was satisfied from cash on hand, a $10 million draw-down on Townsquare Media's revolving credit facility and a working capital adjustment of approximately $3.7 million.
Further information related to WE Fest's 2015 event, taking place August 6th - 8th and featuring
Blake Shelton,
Miranda Lambert, Rascal Flatts, Dierks Bentley, Hank Williams Jr., and
Jake Owen may be found at wefest.com.
