With the rebuilding last year of market capitalization lost the previous year, a half dozen radio stocks are joining or rejoining the Russell 3000 Index. The small cap stock index is reworked annually, with nearly 500 additions and deletions due to take effect June 25th.
Radio One proudly announced that its Class D stock, its most widely traded issue, is on the list to be added to the Russell 3000. But it’s not the only one. RBR-TVBR found that the Russell list of preliminary additions also includes five other radio companies.
Also joining the respected small cap index are Beasley, Cumulus Media, Entercom, Sirius XM and Westwood One.
Two TV stocks are also being added: Nexstar and Media General.
RBR-TVBR observation: Because the Russell 3000 Index is so large – as the name indicates, three thousand component stocks – being added to the index is not likely to give a noticeable boost to a stock, as often happens when one is added to the S&P 500 or reaches the rarified heights of the Dow Jones 30 Industrials. Nevertheless, it is heartening to see that radio stocks are back in Wall Street’s good graces.