A Double-Digit Slide For iHeart’s Stock ‘Stub’


Investors reacted negatively to a SEC filing made Monday (12/11) by iHeartMedia that its iHeartCommunications subsidiary is “currently exploring a possible private capital-raising transaction.”

As first reported by RBR+TVBR, iHeartCommunications is considering a plan “supported by the value of some or all of the 100 million Class B common stock of CC Outdoor Holdings Inc. held by iHeart subsidiary Broader Media.

This plan would also be supported by the value of the 10,726,917 shares of Class A common stock held by another wholly owned iHeart subsidiary, CC Finco LLC.

At the Closing Bell on Wall Street Tuesday, the company’s publicly traded shares were off 16.7%, finishing at $0.6247 on the OTC Pink exchange.

However, volume was extremely low — suggesting an institutional trade was responsible for the dip.

Still, the move downward mimics a fall to 55 cents seen Nov. 9 by iHeart; it was just Aug. 16 when iHeart shares were valued at $2.

Meanwhile, Cumulus Media shares finished Tuesday’s trading at $0.094.

Also down was Entercom, slipping 20 cents to $10.75.

On the up side was Beasley Broadcast Group, improving 20 cents, to $11.90.

For the complete look at today’s Closing Prices, please visit the Wall Street Report on the homepage of RBR.com.