Cumulus Media and iHeartMedia each saw all-important climbs in their respective stock values on Wednesday, as the Dow Jones Industrial Average dipped 21.03, to 20,975.09, and the Nasdaq Composite slipped 0.27 points, to 6,025.23.
It was a monumental Tuesday trading session on Wall Street, as the Nasdaq Composite index climbed above the 6,000 mark, finishing up 41.67, to 6,025.49. The Dow Jones Industrial Average improved 232.23, to 20,996.12. Beasley Broadcast Group surged 10.7%, to $16.55, pacing all media stocks.
According to Reuters, a group of iHeartMedia’s lenders has signed a “cooperation agreement” to oppose a debt restructuring agreement proposed by the nation’s No. 1 owner of AM and FM radio stations. That news was met with a negative reaction from its shareholders on Monday, as IHRT's OTC Pink shares slid 23.6%.
Publicly traded media companies finished the trading week with a whimper, as a second request for the Department of Justice in regard to Entercom's Reverse Morris Trust-fueled tax-free merger with CBS Radio put a damper on CBS Corp. shares.
It was a stellar Thursday on Wall Street for most major issues, as the Dow Jones Industrial Average climbed 174.22, to 20,578.21, and the Nasdaq Composite was up 53.74, to 5,916.78. But, the troubles continues for Spanish Broadcasting System as Cumulus Media stemmed its downward trajectory and Beasley Broadcast Group and Emmis Communications each enjoyed strong sessions.
Mid-week trading ended with a mixed bag of activity on Wall Street, with a Wednesday trading session that saw the Nasdaq composite climbing 13.56, to 5,863.03, while the Dow Jones Industrial Average dipped 118.79, to 20,404.49, and the S&P500 slipped 4.02, to 2,338.17. It was a decisively challenging session for SBS, as the Hispanic-targeted media company saw its shares fall another 12.5%, to a paltry 49 cents per share.
Pandora Premium, previously accessible via invite only, is now available to all listeners via the App Store and Google Play. That didn't seem to excite investors, as shares in "P" were off 1.6% in trading Tuesday. Also down again: Cumulus Media.
It was a strong start to the week for much of Wall Street on Monday, as the Dow Jones Industrial Average jumped 183.67, to 20,636.92, and the Nasdaq Composite gained 51.64, to 5,856.79 while Canadian and U.K. markets were closed for the Easter Monday bank holiday. It wasn't such a strong start for Cumulus Media, however.
With U.S. financial markets closed in observance of Good Friday, RBR + TVBR reviewed the trading landscape for radio and television broadcast companies and took the pulse of two industries that are equally challenged by digital media but could have very different futures. What are the publicly traded media companies investors should keep an eye on in Q2, for better or for worse? Here's what we determined.
It was a down day for most media stocks on Wall Street on Thursday, as the Dow Jones Industrial Average declined 138.61, to 20,453.25. The Nasdaq Composite was off 31.01, to 5,805.15. While most media companies were down, both Beasley Broadcast Group and iHeartMedia each enjoyed a healthy climb in their stock price.
Geopolitical jitters sent U.S. financial markets downward for a second straight session on Wednesday, as Cumulus Media continued to struggle and iHeartMedia dipped below $3 a share.
The company enjoyed a 4.1% climb on Wall Street yesterday in a quiet session that saw the Dow Jones Industrial Average slip 6.72, to 20,651.30. Meanwhile, Cumulus shares fell again and are just above 27 cents per share.
Cumulus Media's stock continued to dip into uncharted waters on Monday, as investors sold their shares in the nation's No. 2 radio broadcast company by number of stations. At the closing bell on Monday, CMLS shares were down 13.3% on word that it has until Oct. 2 to avoid a Nasdaq delisting.
Saga Communications continued its strong performance on Wall Street Friday, enjoying a 20-cent climb, to $50.85. With a market cap of $298 million, Saga is one of the strongest radio pure-plays on the U.S. financial markets, and is at a level not seen in three years.
It was a relatively quiet Thursday for publicly traded radio and TV broadcast companies on Wall Street, as the Dow Jones Industrial Average improved 14.80, to 20,662.95. Viacom was among the companies that saw gains. SBS saw its woes continue.