Radio’s Big Boys Swim Against Red Tide

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As trading entered the final half hour on Wall Street, one thing was clear: U.S. financial markets were sailing southward.


Yet, the biggest radio industry players were enjoying upward momentum.

At the Closing Bell, iHeartMedia shares were up 10.3%, to $1.60. It’s a step in the right direction for the nation’s No. 1 owner of radio stations, and brings it back to where IHRT shares were in mid-July.

Still, iHeart is a far cry from where it sat in late March, when shares approached $3.85.

The gain for IHRT shares is likely tied to Wednesday’s announcement from subsidiary company Clear Channel Outdoor Holdings that its Clear Channel International B.V. “up-sized” and priced an offering of $150 million aggregate principal amount of additional 8.75% Senior Notes due 2020 — an up-size of $25 million over the amount previously announced.

Meanwhile, Cumulus Media shares were up 5%, to 43 cents, ahead of the company’s quarterly earnings report, which is due following Monday’s Closing Bell on Wall Street.

Additionally, Entercom shares were up 1.8%, to $10.12, and spiked to $10.45 just before 3pm Eastern before cooling off a bit.

Meanwhile, Townsquare Media turned southward, as did other media companies, as a report from analyst Brian Wieser at Pivotal showed national ad dollars dipping in Q2, with no turnaround in sight.

TSQ shares were at $9.98, off 4% at 3:40pm Eastern. Townsquare shares have not fallen below $9.75 since Thanksgiving 2016.

Meanwhile, the challenges continue to Pandora Media, with its stock dipping 7.5% to $8.02. Also of concern: Veritone, which began trading on Nasdaq in mid-May and has dipped from $11.67 in just the last 30 days. While Veritone’s gross profit jumped to $3.75 million from $1.71 million in Q2, its net loss attributable to common shareholders widened to $25 million, from $7.32 million a year ago, prior to the issuance of shares to the public.

For a full look at today’s final trading prices on Wall Street, simply visit RBR+TVBR’s Wall Street Report, found on the homepage of RBR.com.


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