With the company’s shares trading under the ticker symbol CMLSQ to reflect its petition to undergo a Chapter 11 bankruptcy reorganization, Cumulus Media shares dipped to their lowest-ever point on Wednesday.
With a 4.8% dip in trading on Wall Street, Cumulus shares stand at exactly $0.079.
For investors that stood with the No. 2 owner by station count through its 1-for-8 reverse stock split in October 2016, this means they’ve seen a significant equity reduction.
In other activity on Wednesday, Beasley Broadcast Group shares climbed 45 cents, to $13.85, to continue a hot streak for the radio pure-play.
Meanwhile, SBS shares sank 12.5%, to 17 cents, on volume of 34,951 shares; average volume for “SBSAA” is 14,910 shares.
Pandora Media stock was also off, falling 3.3% to $4.74.
Entravision was down 3.6%, to $7.50, while iHeartMedia‘s publicly traded “stub” of shares slid 55 cents on a report from a Seeking Alpha analyst that panned the company and hoped for its Chapter 11 bankruptcy reorganization.
For more on iHeart, please visit the RBR.com homepage for our coverage on this analyst report.
How did other media companies fare on Wall Street? Visit our homepage to view the Wall Street Report.