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Broadcast stocks still in doldrums
Three quarters of the way through 2005, investors remain sour on radio and TV stocks, with very few exceptions. The way to make Wall Street happy, it appears, is to sell assets. Of the 29 terrestrial and satellite radio stocks that RBR follows, a grand total of three were in positive territory for 2005 through the end of September. The big mover was Emmis, which rose 15.2% - - all quite recently - - not because of its operating performance, but because it bought back a huge chunk of its stock and sold off most of its TV group (with the rest of the sell-off coming soon). The other significant gainer was Gaylord, primarily a hotel company, which barely qualifies for our list anymore with its single AM station. Arbitron, which makes its money from radio, but doesn't actually do any broadcasting, gained 1.7%. The story in television is much the same. Besides Emmis, the best performance in our TVBR stock list was by Liberty Corporation, which agreed to sell its entire TV group to Raycom. For yet another quarter, read 'em and weep.
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Radio
Company
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12/31/04
Close
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9/30/05
Close
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2005
Net Chg
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2005
Pct Chg
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Arbitron
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39.18
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39.84
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0.66
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1.68%
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Beasley
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17.53
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14.05
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-3.48
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-19.85%
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Citadel
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16.18
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13.73
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-2.45
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-15.14%
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Clear Channel
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33.49
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32.89
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-0.60
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-1.79%
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Cox Radio
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16.48
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15.20
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-1.28
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-7.77%
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Cumulus
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15.08
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12.49
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-2.59
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-17.18%
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Disney
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27.80
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24.13
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-3.67
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-13.20%
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Emmis
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19.19
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22.10
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2.91
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15.16%
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Entercom
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35.89
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31.59
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-4.30
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-11.98%
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Entravision
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8.35
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7.87
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-0.48
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-5.75%
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Fisher
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48.88
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46.56
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-2.32
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-4.75%
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Gaylord
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41.53
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47.65
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6.12
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14.74%
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Hearst-Argyle
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26.38
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25.69
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-0.69
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-2.62%
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Interep
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0.75
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0.54
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-0.21
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-28.00%
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Intl. Bcstng.
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0.02
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0.01
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-0.01
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-50.00%
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Jefferson-Pilot
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51.96
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51.17
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-0.79
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-1.52%
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Journal
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18.07
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14.90
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-3.17
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-17.54%
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Radio One, Cl. A
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16.10
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13.16
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-2.94
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-18.26%
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Radio One, Cl. D
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16.12
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13.15
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-2.97
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-18.42%
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Regent
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5.30
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5.26
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-0.04
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-0.75%
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Saga
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16.85
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13.30
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-3.55
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-21.07%
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Salem
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24.95
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20.99
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-3.96
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-15.87%
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SBS
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10.56
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7.18
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-3.38
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-32.01%
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Sirius
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7.62
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6.54
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-1.08
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-14.17%
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Univision
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29.27
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26.53
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-2.74
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-9.36%
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Viacom, Cl. A
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37.08
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33.22
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-3.86
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-10.41%
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Viacom, Cl. B
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36.39
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33.01
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-3.38
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-9.29%
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Westwood One
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26.93
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19.89
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-7.04
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-26.14%
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XM
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37.62
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35.91
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-1.71
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-4.55%
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Radio Index
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229.85
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201.15
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-28.70
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-12.49%
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