Paging Maverick and Iceman may not do the trick, but a trio of major radio industry companies need a little help.
Spanish Broadcasting System shares stumbled again, falling nearly 10 cents to $1.055 in Wednesday’s trading. The Hispanic-focused media company has seen its stock fluctuate wildly since its shift to an over-the-counter exchange – a move precipitated by the company’s delisting from Nasdaq.
Not faring much better is the nation’s top owner of radio stations by asset count: iHeartMedia. Ahead of Thursday morning’s Q4 and FY16 earnings release, the company saw its shares dip 7 cents, to $1.10.
Then, there is Cumulus Media, which fell 5 cents, to $1 a share.
In sharp contrast, broadcast television companies soared on Wall Street, with Tribune Media jumping $1.11, to $34.81 on word that hedge fund Starboard Value LP has acquired a 6.6% stake in the company.
Sinclair Broadcast Group climbed $1.65, to $38.55, while Nexstar increased $1.15, to $68.50.
The RBR Radio Index fell 10.140, or 1.73%, to 574.405.
The TVBR Television Index rose 12.282, or 1.21%, to 1026.115.
Gainers
Gray, up 5.2%
Sinclair, up 4.5%
Entercom, up 4.2%
Decliners
SBS, down 8.3%
iHeart, down 6.0%
Cumulus, down 4.8%
