SBS Sags Again On Heavy Volume
RBR + TVBR * WALL STREET NEWS
It’s been nearly a month since Spanish Broadcasting System was de-listed from Nasdaq and shifted to an Over-The-Counter exchange. Since that fateful event, “SBSAA” shares plummeted from $1.91 to $1.08, rebounded to $1.80, and have slid again since Monday. At the Closing Bell on Wall Street Thursday, SBS shares sat at $1.20, falling 20 cents on volume of 83,691; its average is 54,380. The dip came even as SBS on Wednesday announced that it has inked a network partnership with digital audio ad network TargetSpot. The deal allows Targetspot to serve as the exclusive third party sales network for SBS’s entire radio streaming inventory.
Elsewhere on Wall Street, Viacom slipped 50 cents, to $44.16, while Saga Communications shed 40 cents, ending at $49.60. Shares of iHeartMedia stock were unchanged, at $1.15, while Cumulus Media gained 2 cents, to $1.04.
Nielsen stock gained 4 cents, to $44.85, as the company’s board of directors declared a quarterly cash dividend of 31 cents per share. The dividend is payable on March 16 to stockholders of record at the close of business on March 2.
The RBR Radio Index fell 10.984, or 1.87%, to 577.226.
The TVBR Television Index fell 0.862, or 0.09%, to 1004.484.
Salem, up 4.5%
Entercom, up 2.0%
Entravision, up 0.9%
SBS, down 14.3%
Radio One, down 3.6%
Emmis, down 2.0%