Many of the nation’s publicly traded radio broadcasting companies enjoyed a strong start to the week on Wall Street, with Townsquare Media and Cumulus Media each enjoying particularly strong gains on Monday.
For Cumulus, a 14.9% rise to $8.54 was seen, putting the company’s shares at a level last seen on the morning of March 9, when COVID-19 impacted sell-offs ravaged media stocks and continued for several weeks. For Cumulus, a May 19 finish of $3.23 was the final moment of CMLS’s malaise, as shares have risen by $5.31 a share in just 20 days.
For TSQ, a much-needed 21.1% gain puts the stock at $6.48.
Just six days ago, Townsquare shares finished at $4.23.
While TSQ prior to mid-February was over $10 a share, the gains on Monday erase all lost value seen since March 10.
What about other radio broadcasting companies?
- Beasley Broadcast Group was up 19 cents, to $2.56
- Entercom is at $2.45, rising 6 cents
- iHeartMedia closed Monday’s trading at $11.60, up 99 cents
- Urban One is at $2.07, rising 13 cents
Two radio companies saw their stocks dip: Saga Communications, a lightly traded issue, was off 53 cents to $26.55; Entravision was down 2 cents, to $1.85.