Here’s a bit of news that’s a long time coming: shares for the nation’s second-largest radio broadcasting company by number of stations, Cumulus Media, improved 3.5% in Monday’s trading — to $15. Volume was scant, however, at just 132 shares of CMIA were traded.
What other ups and downs were seen on Wall Street?
Shares for iHeartMedia were off 2 cents, to 29 cents, as the company continues to emerge from Chapter 11 bankruptcy protection on word that Trustee Henry Hobbs Jr. on Thursday asked the Texas court hearing iHeart’s petition to throw out its plan to pay top executives including Bob Pittman and Rich Bressler up to $25 million in bonuses.
Why? Hobbs believes the company has failed to show the plan’s performance goals are a challenge or how iHeart execs would help reach them.
- Beasley Broadcast Group shares rose to $12.15, up 5 cents.
- CBS shares were up again, this time with a 20 cent rise, to $56.31.
- Salem Media Group shares dipped 15 cents to $4.30.
For a complete look at Monday’s Closing Prices, please review the Wall Street Report on the homepage of RBR.com