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Regent Leaders Out; New Owners Rename to “Townsquare Media”

CINCINNATI, OH — Big changes at the home base of Regent Communications — the company which owns four Utica-Rome radio stations is now called Townsquare Media.  Additionally, two top members from Regent management have been replaced.

According to a press release posted today on the newly-launched corporate website (going to www.regentcomm.com redirects to townsquaremedia.com), Regent CEO William Stakelin and Executive VP Anthony Vasconcellos have both resigned.

FiveWire Ventures co-founder Steven Price is now the CEO of Townsquare Media.  FiveWire Ventures co-founder Stuart Rosenstein takes over as EVP and Chief Financial Officer of the company.

Last week, you’ll recall the rest of the Regent board of directors were replaced by people connected to Oaktree Capital Management, the company which gained majority control of Regent as part of the company’s prearranged Chapter 11 filing.

In a “Letter to Advertisers” posted on Townsquare’s website, it is explained that the new name was chosen because it “is consistent with the vision brought by new management and the Company’s controlling shareholders to build the country’s pre-eminent local media company, operating across multiple platforms and focused on mid-sized markets.”

As of this time (10:00am), we’re told there are no immediate changes in the works for Utica-Rome or any other markets.

Disclosure: CNYRadio.com editor Peter Naughton is a part-time (weekend) host at Lite 98.7, one of the stations owned by Townsquare Media.  This disclosure has been given with any story involving Regent/Townsquare since Naughton joined the staff in November 2009.  However, CNYRadio.com had no previous/advance notice of today’s news.

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