Can’t Stop The Bleeding

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It was another difficult session for Cumulus Media on Monday, with its shares dipping 0.074 cents, to $0.685, on lower-than-average volume. The fall in share value shows investors are not convinced Cumulus has experienced a “non-event” in having a $305 million debt refinance plan nixed by a Federal judge in New York.


Meanwhile, Spanish Broadcasting System shares continued their sharp decline, sliding 13 cents, to $0.87.

Also among the decliners was CBS Corp., which slipped 74 cents, to $66.23.

While the TVBR index fell, it was a great trading session for E.W. Scripps Co., which shares jumping $1.21, to $22.53.


The RBR Radio Index fell 9.995, or 1.80%, to 545.774.
The TVBR Television Index fell 1.736, or 0.17%, to 1037.780.


 

Gainers

iHeart, up 5.2%
Gray, up 4.1%
Beasley, up 3.4%

 

Decliners

SBS, down 13.0%
Cumulus, down 9.7%
Entravision, down 3.5%

 

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Adam R Jacobson is a veteran radio industry journalist and advertising industry analyst with general, multicultural and Hispanic market expertise. From 1996 to 2006 he served as an editor at Radio & Records.