Broadcasting stocks jump on Cumulus deal – 2/1/11


The broad market was up Tuesday on some strong earnings reports and broadcasting stocks got an extra boost from the latest M&A action, the deal by Cumulus Media to roll up Cumulus Media Partners. The Dow Jones Industrial Average crossed back across the 12K mark, gaining 148 points, or 1.3%, to 12,040. Nearly all radio and TV stocks posted gains.

The RBR Radio Index was up 17.105, or 4.9%, to 363.983.

The TVBR Television Index was up 9.396, or 4.4%, to 225.062.


Radio One, up 19.2%
Cumulus, up 18.1%
ACME, up 9%

CC Media, down 6.7%
Salem, down 1%