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2005: Tough year for radio stocks
Clear Channel went through some major restructuring in 2005. First there was Less is More, which cut radio inventories and revenues, then the decision to IPO 10% of CC Outdoor and completely divest CC Entertainment (now Live Nation) to shareholders. So, how did it all play out with investors? Not too badly. While RBR's Radio Index was down 21.1% last year, Clear Channel, the biggest radio company of all, was down only 6.1%. And if you subtract the 12/30 value of Live Nation (1 share for each 8 of CCU), that 2.04 decline is cut to less than 41 cents, or a drop of only 1.2% for the year. As previously noted, the few radio stocks that were up in 2005 were mainly on the sell side of M&A transactions: Jefferson-Pilot and Emmis. Univision rose 0.4% as it continued to dominate the Spanish media marketplace, but other Spanish broadcasters didn't fare so well. All in all, we're sure most CEOs of public radio companies would like to forget about 2005.
2005 radio stock performance
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Radio
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12/31/04
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12/30/05
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2005
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2005
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Company
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Close
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Close
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Net Chg
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Jefferson-Pilot
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51.96
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56.93
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4.97
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9.57%
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Gaylord
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41.53
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43.59
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2.06
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4.96%
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Emmis
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19.19
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19.91
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0.72
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3.75%
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Univision
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29.27
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29.39
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0.12
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0.41%
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Arbitron
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39.18
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37.98
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-1.20
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-3.06%
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Clear Channel
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33.49
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31.45
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-2.04
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-6.09%
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Hearst-Argyle
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26.38
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23.85
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-2.53
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-9.59%
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Viacom, Cl. B
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36.39
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32.60
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-3.79
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-10.41%
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Viacom, Cl. A
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37.08
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32.76
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-4.32
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-11.65%
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Sirius
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7.62
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6.70
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-0.92
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-12.07%
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Regent
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5.30
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4.64
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-0.66
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-12.45%
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Disney
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27.80
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23.97
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-3.83
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-13.78%
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Cox Radio
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16.48
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14.08
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-2.40
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-14.56%
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Entravision
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8.35
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7.12
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-1.23
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-14.73%
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Fisher
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48.88
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41.43
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-7.45
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-15.24%
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Citadel
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16.18
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13.44
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-2.74
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-16.93%
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Entercom
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35.89
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29.67
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-6.22
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-17.33%
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Cumulus
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15.08
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12.41
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-2.67
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-17.71%
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Journal
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18.07
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13.95
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-4.12
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-22.80%
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Beasley
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17.53
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13.51
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-4.02
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-22.93%
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XM
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37.62
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27.28
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-10.34
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-27.49%
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Salem
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24.95
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17.49
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-7.46
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-29.90%
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Saga
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16.85
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10.87
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-5.98
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-35.49%
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Radio One, Cl. D
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16.12
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10.35
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-5.77
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-35.79%
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Radio One, Cl. A
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16.10
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10.27
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-5.83
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-36.21%
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Westwood One
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26.93
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16.30
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-10.63
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-39.47%
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SBS
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10.56
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5.11
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-5.45
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-51.61%
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Interep
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0.75
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0.36
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-0.39
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-52.00%
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Radio Index
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229.85
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181.30
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-48.55
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-21.12%
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