Wednesday was a strong day on the OTC Pink trading desk for the nation’s No. 1 owner of radio stations. Today … it was an ugly one.
At the Closing Bell, iHeartMedia was off 51.2% to $.0781, following yesterday’s rise to $1.60.
Some 166,941 shares were traded; average volume is 36,545 shares.
The sell-for iHeart started right at the opening bell — perhaps in reaction to a blockbuster announcement from rival Cumulus Media regarding station sales: something some investors have called on iHeart to do.
At 3:46pm Eastern, a 93 cent dip was seen for iHeart before bouncing back to the $1 mark. Then, at 3:57pm, a sudden sell-off was registered.
Meanwhile, Cumulus Media shares soared 5.8% to $15.60 following yesterday’s big announcement that it was paring down assets to lower its leverage while adding three FMs in Indianapolis. Growth was continuous across Thursday’s trading session, with 126,529 shares traded; average volume for CMLS is 19,985 shares.
It was late October when Cumulus shares were last at this level.