Investors seem pleased with Cumulus Media‘s debt-lowering deals that have seen the sales of a total eight radio stations through the first half of 2019, bringing in $159 million for the company.
The end of Q2 sees Cumulus stock moving back toward its year-to-date high.
On heavier-than-usual volume of 238,934 shares (average volume is 66,514 shares), CMLS closed up 95 cents to $18.55.
It completes a strong month for Cumulus, which had been at $15.45 on June 5.
Now, CMLS is on track to meet or exceed a price of $19.72 seen on March 20.
Cumulus has a 1-year target price of $22.
The gain came a day after the company revealed that it is selling WABC-AM in New York for $12.5 million to an entrepreneur turned talk radio host, John Catsimatidis.