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2004: Tough year for radio stocks

If you bet on a long-awaited revenue recovery to boost radio stocks in 2004, you may want to look into getting a new crystal ball. As we all know now, the tough times continued and investors turned away from radio stocks in droves. RBR's Radio Index fell 20% for the year and virtually all pure-play radio stocks finished 2004 down from where they began the year. The only exceptions were Beasley, which rose 6%, and Spanish Broadcasting System, which edged up less than 0.1%. Most multi-media companies also saw their stocks decline, although Disney rose 19% as ABC Television finally found a couple of hits and Michael Eisner announced plans to leave Disney following an unsuccessful hostile takeover bid by Comcast and a shareholders revolt which saw a 43% vote against Eisner. Meanwhile, satellite radio companies were Wall Street darlings as auto dealer sales boosted their subscriber numbers and both companies announced hundreds of millions in programming deals. Sirius shot up 141% for the year and XM 43%.

2004 radio company stock performance

Radio
Company

12/31/03
Close

12/31/04
Close

2004
Net Chg

2004
Pct Chg

Arbitron

41.72

39.18

-2.54

-6.09%

Beasley

16.54

17.53

0.99

5.99%

Citadel

22.37

16.18

-6.19

-27.67%

Clear Channel

46.83

33.49

-13.34

-28.49%

Cox Radio

25.23

16.48

-8.75

-34.68%

Cumulus

22.00

15.08

-6.92

-31.45%

Disney

23.33

27.80

4.47

19.16%

Emmis

27.05

19.19

-7.86

-29.06%

Entercom

52.96

35.89

-17.07

-32.23%

Entravision

11.10

8.35

-2.75

-24.77%

Fisher

50.51

48.88

-1.63

-3.23%

Gaylord

29.85

41.53

11.68

39.13%

Hearst-Argyle

27.56

26.38

-1.18

-4.28%

Interep

1.34

0.75

-0.59

-44.03%

Intl. Bcstng.

0.01

0.02

0.01

100.00%

Jefferson-Pilot

50.65

51.96

1.31

2.59%

Journal

18.53

18.07

-0.46

-2.48%

Radio One, Cl. A

19.55

16.10

-3.45

-17.65%

Radio One, Cl. D

19.30

16.12

-3.18

-16.48%

Regent

6.35

5.30

-1.05

-16.54%

Saga

18.53

16.85

-1.68

-9.07%

Salem

27.12

24.95

-2.17

-8.00%

SBS

10.55

10.56

0.01

0.09%

Sirius

3.16

7.62

4.46

141.14%

Univision

39.69

29.27

-10.42

-26.25%

Viacom, Cl. A

44.27

37.08

-7.19

-16.24%

Viacom, Cl. B

44.38

36.39

-7.99

-18.00%

Westwood One

34.21

26.93

-7.28

-21.28%

XM

26.29

37.62

11.33

43.10%

Radio Index

287.00

229.85

-57.15

-19.91%



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