Radio’s Top Players Lead Wall Street Gains
The final Tuesday of 2016 saw improvements from the two biggest publicly traded radio companies. Cumulus Media gained 3 cents, to $1.03 – a step in the right direction as it gave bondholders more time to engage in an early tender of notes associated with a debt-for-equity plan. Meanwhile, iHeartMedia enjoyed a four-cent climb, to $1.25. Viacom enjoyed a strong trading session, gaining 45 cents, to $39.30, and Nexstar improved 95 cents, to $63.85, on word that it reached a retransmission deal with the No. 5 cable operator in the U.S.
The RBR Radio Index rose 1.323, or 0.22%, to 609.397.
The TVBR Television Index rose 3.241, or 0.33%, to 990.329.
iHeart, up 3.3%
Cumulus, up 3.0%
Nexstar, up 1.5%
SBS, down 2.8%
Emmis, down 1.8%
Salem, down 0.8%