Wednesday wasn’t the best day for media stocks. Entercom and iHeart, along with Nexstar, finished the day on a down note. In contrast, Cumulus Media was up by 10%.
Could it be the $213 million Vertical Bridge tower sale and lease-back deal, which the company announced early Monday during its Q2 earnings call? Or, is it the end of Westwood One News, set to transpire at the end of August?
It’s possible, as CMLS moved to $5.72 at Wednesday’s Closing Bell. Volume of nearly 600,00 shares was seen against average volume of 336,700 shares.
The gain puts Cumulus shares back where they were two months ago.
A $6.67 1-year target price has been placed on CMLS.
The climb comes as Entercom shares finished Wednesday at $1.54, down 7 cents, and Nexstar dipped $2.64 per share, to $89.84. For iHeart, a 21-cent dip to $9.44 was seen.