Radio stocks still soft at mid year
Broadcasting stocks improved ever so slightly in the past month, but the market is still pretty dismal. Through the first six months of 2005, only three radio stocks have posted gains-Gaylord (which is hardly a radio company, since the hotel chain owns a single AM that's JSA'd to Cumulus), Regent (performing well with its small market focus) and Arbitron (which isn't actually a radio company, but makes its money from radio companies). Even those Wall Street darlings of satellite radio, XM and Sirius, were down double digits for the first half of 2005. We don't expect to see any dramatic improvement until the economy really kicks into gear and advertising demand improves a lot.
RBR observation:
The field of dreams concept has finally ended and now for the balance of this year it will be interesting to see which CEO begins to pay attention to front line management. The first issue noticed is there are not too many CEO's with front line battle or management and programming experience. That is why we see so many quick knee jerk reactions to blowing up formats with local brand identity and producing dollars in ad revenue. Best example that will be at the top of this format demolition of 2005 is the imploding of Oldies - WCBS-FM, NYC for who knows Jack. And what is next on the format horizon - we speculate with tongue in cheek - new format will be Jill.
Year-to-date 2005 stock performance
|
Radio
|
12/31/04
|
6/30/05
|
2005
|
2005
|
|
Company
|
Close
|
Close
|
Net Chg
|
Pct Chg
|
|
Gaylord
|
41.53
|
46.49
|
4.96
|
11.94%
|
|
Regent
|
5.30
|
5.87
|
0.57
|
10.75%
|
|
Arbitron
|
39.18
|
42.90
|
3.72
|
9.49%
|
|
Jefferson-Pilot
|
51.96
|
50.42
|
-1.54
|
-2.96%
|
|
Fisher
|
48.88
|
47.29
|
-1.59
|
-3.25%
|
|
SBS
|
10.56
|
9.99
|
-0.57
|
-5.40%
|
|
Cox Radio
|
16.48
|
15.57
|
-0.91
|
-5.52%
|
|
Univision
|
29.27
|
27.55
|
-1.72
|
-5.88%
|
|
Entravision
|
8.35
|
7.79
|
-0.56
|
-6.71%
|
|
Journal
|
18.07
|
16.80
|
-1.27
|
-7.03%
|
|
Hearst-Argyle
|
26.38
|
24.50
|
-1.88
|
-7.13%
|
|
Entercom
|
35.89
|
33.29
|
-2.60
|
-7.24%
|
|
Clear Channel
|
33.49
|
30.93
|
-2.56
|
-7.64%
|
|
Emmis
|
19.19
|
17.67
|
-1.52
|
-7.92%
|
|
Disney
|
27.80
|
25.18
|
-2.62
|
-9.42%
|
|
XM
|
37.62
|
33.66
|
-3.96
|
-10.53%
|
|
Viacom, Cl. B
|
36.39
|
32.02
|
-4.37
|
-12.01%
|
|
Viacom, Cl. A
|
37.08
|
32.22
|
-4.86
|
-13.11%
|
|
Sirius
|
7.62
|
6.48
|
-1.14
|
-14.96%
|
|
Saga
|
16.85
|
14.00
|
-2.85
|
-16.91%
|
|
Beasley
|
17.53
|
14.49
|
-3.04
|
-17.34%
|
|
Salem
|
24.95
|
19.84
|
-5.11
|
-20.48%
|
|
Radio One, Cl. D
|
16.12
|
12.77
|
-3.35
|
-20.78%
|
|
Radio One, Cl. A
|
16.10
|
12.73
|
-3.37
|
-20.93%
|
|
Cumulus
|
15.08
|
11.78
|
-3.30
|
-21.88%
|
|
Westwood One
|
26.93
|
20.43
|
-6.50
|
-24.14%
|
|
Citadel
|
16.18
|
11.45
|
-4.73
|
-29.23%
|
|
Interep
|
0.75
|
0.47
|
-0.28
|
-37.33%
|
|
Intl. Bcstng.
|
0.02
|
0.01
|
-0.01
|
-50.00%
|
|
Radio Index
|
229.85
|
202.79
|
-27.06
|
-11.77%
|
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