Spanish Broadcasting System and Cumulus Media now have something in common that goes beyond the ownership of FM stations in America’s top markets. Both companies have a stock price of $1, going into Friday’s Opening Bell.
The troubles continued for SBS, with shares sinking 5 cents to the $1 mark, while CMLS shares were unchanged from Wednesday’s close.
Additionally, Beasley Broadcast Group shares tumbled 95 cents, to $8.85, on higher-than-normal volume. It was not immediately apparent as to why the sale-off occurred.
But, there was good news for radio’s top player, as fantastic Q4 results resulted in a 10-cent jump for iHeartMedia, finishing at $1.20.
Meanwhile, TV industry companies continue to enjoy positive vibes from investors, with Nexstar up $1, to $69.50, and Sinclair rising $1.25, to $39.80.
The RBR Radio Index fell 6.654, or 1.16%, to 567.751.
The TVBR Television Index rose 6.074, or 0.59%, to 1032.189.
iHeart, up 9.1%
Sinclair, up 3.2%
Nexstar, up 1.5%
Beasley, down 9.7%
SBS, down 5.2%
Entercom, down 1.9%