While all eyes are on Entercom Communications and its “transformative” merger with CBS Radio, some analysts and investors have their eye on the two most visible — and fiscally challenged — radio broadcasting companies in the U.S.
And, it wasn’t a great day for either company on Wall Street. With Cumulus Media appealing its pending de-listing from Nasdaq, its shares dipped to as low as 30 cents before finishing at 31 cents.
The company’s market capitalization stands at just $9.08 million, and its shares haven’t closed above $1 since mid-February.
To compound matters, it’s been one year since Cumulus shareholders approved a 1-for-8 reverse stock split. Had that event not transpired — a move designed to prevent a Nasdaq delisting — CMLS shares would be worth just shy of four cents each.
Meanwhile, the “stub” of iHeartMedia shares dipped 9.3% to $1.36 on Tuesday, continuing a bumpy ride for the company that’s been since Aug. 16, when IHRT shares reached $2 a share. On April 18, IHRT shares were $3.20.
While iHeart is struggling to repay its debts, it is in an arguably stronger position that Cumulus — at the Closing Bell its market capitalization stands at $122.85 million.
For a complete look at today’s Closing Prices for other media companies, please visit the Wall Street Report at RBR.com.