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Townsquare completes sale of mobile amusement unit

Townsquare Media Inc. completed the sale of its mobile amusement subsidiary North American Midway Entertainment LLC, or NAME, to North American Fairs LLC.

Under the terms of the purchase agreement, North American Fairs will acquire all of the issued and outstanding membership interests of NAME's parent company, Heartland Group LLC, from Townsquare Media for a total cash consideration of $23.5 million. Additionally, Townsquare will have the right to receive 15% of any sale proceeds if NAME is sold, in whole or in part, in the next 10 years.

The company expects to hold the net cash proceeds from the sale on its balance sheet, pending reinvestment.

NAME owns and operates amusement attractions at about 150 fairs per year across the U.S. and Canada, according to a May 24 news release.