It was another difficult trading session for the nation’s two largest radio broadcasting companies by number of stations. Cumulus Media‘s stock reached a new low, while the publicly traded stub of iHeartMedia shares in the final seconds of trading climbed 4%, to close at 65 cents, after being down 4% (or 2 cents) from Tuesday’s close.
At the Closing Bell on Wednesday, shares of “CMLSQ” were off 9.6%, to $0.085.
In other activity, Beasley Broadcast Group shares climbed 15 cents, to $12.05, as Nexstar Media Group continued its upward momentum, gaining 30 cents to $72.45.
Meanwhile, the publicly traded shares of Spanish Broadcasting System (SBS) continued their slide downward, losing another 26.7% to finish at just 22 cents. It is important to note that Chairman/CEO Raul Alarcon Jr. controls 60% of the company’s voting interest and ownership.
For a complete look at today’s Closing Prices from Wall Street, please visit the homepage of RBR.com for our Wall Street Report.