With iHeartMedia seeking to win approval of its Chapter 11 exit plan a week from Tuesday, a company that has already emerged from debtor-in-possession status — Cumulus Media — has been struggling on Wall Street.
A new post-bankruptcy low was seen on Friday.
At the Closing Bell on Nasdaq, Cumulus shares were off by 5.8% to $11.30, recovering from a low of $10.80 seen at 11:30am Eastern.
CMLS is lightly traded, and on Friday some 39,580 shares moved; average volume is 12,587 shares.
For Beasley Media Group, there’s no talk of Chapter 11. But, it does need to enter a new chapter for its beleaguered stock.
With Friday’s Closing Bell, BBGI sits at $5.14, off 3.6% from Thursday’s close. Again, volume is very low for Beasley, with 15,209 shares trading Friday on an average volume of 44,984 shares.
It was October 2016 when Beasley shares were last at this level.
Elsewhere on Wall Street:
- Struggles continue for Veritone Inc., as the AI-powered attribution services provider’s shares fell 9 cents, to $5.91.
- Entravision was down again, losing 6 cents to end the week at $3.24.
- Nexstar Media Group is on the rise, and with Monday’s opening bell will be at $82.64 thanks to a 2.1% gain on Friday.