Dismal December For iHeart, Cumulus

By on Dec, 21 2016 with Comments 0

On Dec. 2, iHeart Media shares closed at $1.53, a welcome sign of forward momentum after a 24-month downward cascade.

We remind you that IHRT shares on Jan. 8, 2015 were worth $7.65 a share.

The nation’s No. 1 operator of radio stations would see its stock get no higher, and it’s erased all gains seen since late August.

That’s because iHeart finished Wednesday’s trading at $1.22 per share, down 6.2% on slightly higher-than-average volume.

Meanwhile, Cumulus Media‘s shares sank into uncharted waters, finishing at 98 cents and wiping out any benefit from its 1-for-8 mid-October reverse stock split.

On a positive note, Saga Communications just can’t stop growing. The media company’s shares saw another gain on Wednesday, rising a nickel to $51.10.

 

 

The RBR Radio Index fell 11.287, or 1.85%, to 600.237.

The TVBR Television Index fell 2.226, or 0.23%, to 976.743.

 

Gainers

Fox, up 1.0%
Saga, up 0.1%
CBS, up 0.02%

Decliners

iHeart, down 6.2%
Cumulus, down 2.0%
Radio One, down 1.7%

 

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About The Author: RBR+TVBR has been reporting on the business of broadcasting for nearly three decades. Beholden to no one, it is independently owned.

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