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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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