IMMEDIATE RELEASE Townsquare Media to Sell Assets to Rich

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IMMEDIATE RELEASE Townsquare Media to Sell Assets to Rich Broadcasting in Idaho Falls and Pocatello, Idaho Represents Rich Broadcasting’s Inaugural Acquisition Greenwich, CT – January 24, 2011 – Townsquare Media, LLC announced today that it has executed a definitive agreement to sell six radio stations to Rich Broadcasting, LLC in the Idaho Falls and Pocatello, Idaho markets. The transaction includes the assets associated with KID-FM, KLLP-FM, KPKY-FM, KEGE-FM, KID-AM and KWIK-AM and is expected to close in the first half of 2011, pending FCC approval. "The sale of our stations in Idaho Falls and Pocatello emanates from an ongoing strategic review of our portfolio of assets," commented Townsquare Media Chairman and CEO Steven Price. "We remain committed to the radio broadcasting business in Idaho where we will continue to own four stations in Twin Falls." "This acquisition represents a strong commitment to localism in broadcasting and a solid foundation for the our company’s future growth," commented Rich Broadcasting CEO Richard Mecham. "Our management team’s previous experience managing stations in these markets for Bonneville International give us an appreciation for the communities and we look forward to working with the existing personnel as we build on their success." About Townsquare Media Townsquare Media, LLC, is a local media company focused on acquiring, developing and operating radio stations and digital properties in mid-sized markets. Townsquare Media owns and operates 171 radio stations and associated digital assets in market-leading clusters in 36 U.S. cities. The Company’s majority shareholder is a fund managed by Oaktree Capital Management, L.P. www.townsquaremedia.com About Rich Broadcasting Rich Broadcasting, LLC is a newly formed broadcast group specializing in small-market radio and led by Richard Mecham, a 30-year veteran of the radio business. Prior to founding Rich Broadcasting, Mr. Mecham most recently managed Bonneville International’s flagship Salt Lake City stations KSL Television and KSL Newsradio, winner of multiple NAB Crystal Radio Awards. Rich Broadcasting’s strategic plan and business model capitalize on Mr. Mecham’s demonstrated experience and Rich Broadcasting intends to become one of the preeminent small-market radio operators in the Rocky Mountain region. www.richbroadcasting.com.

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