Spanish Broadcasting System stock is in a free-fall, and on Friday shares fell another 2.9%, to $1.35. It’s quite a swoon for SBS, which was delisted from Nasdaq on Jan. 18 and shifted to an over-the-counter exchange the next day with its stock valued at $2.45. Now with the ticker symbol “SBSAA,” SBS’s now defunct stock had been as high as $5.25 in 2016. It had also been pegged with a one-year price target of $19. Company execs have been mum on the stock dip.
Meanwhile, just when company executives could breathe a sigh of relief, as Cumulus Media shares jumped ahead of the $1 benchmark that resets the clock on a possible delisting warning, the No. 2 radio company by total number of stations suffered a setback on Friday with a 6-cent dip, putting it at 99 cents.
In other action involving radio companies, iHeartMedia had a lackluster trading day, finishing unchanged at $1.14.
The RBR Radio Index fell 6.348, or 1.06%, to 594.097.
The TVBR Television Index rose 1.861, or 0.19%, to 975.930.
Gainers
Fox, up 0.9%
CBS, up 0.9%
Nexstar, up 0.7%
Decliners
Cumulus, down 5.8%
Entercom, down 1.7%
Emmis, down 1.2%
