There’s no sugar coating the performance of radio’s biggest companies on Wall Street on Thursday: It was brutal. After posting nice gains in recent days, iHeartMedia retreated by 25 cents, landing at $1.15. Meanwhile, the volatility at Spanish Broadcasting System continued, with its “SBSAA” shares traded on an Over-the-Counter exchange slipping 9 cents, to $1.11.
What’s most alarming is where Cumulus Media shares will start their trading day on Friday (3/3). The company’s shares fell another 4 cents, to 62 cents, as fallout continues from a judge’s Feb. 24 ruling that Cumulus’ refinance plan to knock off $305 million in debt could not move forward.
Meanwhile, profiteers took advantage of Wednesday gains by Viacom (-$1.64, to $42.12) and Nexstar (-$2.35, to $70.80) by sending each company’s stock downward on Thursday.
At Beasley Broadcast Group, the Board of Directors on Thursday declared a quarterly cash dividend of $0.045 per share of its Class A and Class B common stock. The dividend is payable on April 7, to shareholders of record on March 31. Shares of “BBGI” slipped 15 cents, to $9.10, in Thursday’s trading.
While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.
Lastly, Snapchat parent Snap Inc. saw its stock surge $7.48 (44%) in its first trading day on Wall Street following a highly successful IPO, finishing Thursday at $24.48.
The RBR Radio Index fell 27.453, or 4.75%, to 550.843.
The TVBR Television Index fell 12.354, or 1.17%, to 1046.470.
To our readers: Effective March 2, 2017, the RBR Radio Index and the TVBR Television Index have been discontinued. We invite you to follow all of the broadcast media industry’s publicly traded stocks via our new stock ticker, found on the homepage of the new RBR.com from March 6, 2017.
iHeart, down 17.9%
SBS, down 7.5%
Cumulus, down 5.9%