Fidelity Reportedly ‘Takes A Hit’ With Entercom


December 2012 is the last time the Lumineers had a No. 1 hit on the Billboard Hot 100.

Ho Hey — it’s also the last time Entercom Communications‘ stock price was at the level it was as of Friday’s Closing Bell.

The price of ETM shares: $7.20.

The latest slump for Entercom comes amid rumors across D.C. that Steve Swenson has exited as SVP/Market Manager of its stations in the National Capital Region. Swenson remained in the role following Entercom’s merger with CBS Radio. He’d been in Washington since 2011, and joined the D.C. stations after nearly 13 years in New York running WINS-AM 1010. From January 2008-June 2011 he was also VP/GM of News sibling WCBS-AM 880.

The stock dip also comes as The Philadelphia Inquirer reported Friday that Fidelity Investments is taking a hit from an investment in Entercom.”

According to the newspaper, Fidelity has a 10.9% stake in Entercom. The Boston-based fund company owns 15 million shares, which is more than the 9.4 million held by Entercom’s founding Field family.

Brian Mackey, a senior analyst with Adviser Investments, said in the report that several Fidelity mutual funds own shares of Entercom, including the Fidelity Value Fund, Fidelity Discovery Fund and Fidelity Dividend Growth Fund. The analyst noted that, while the fund managers at Fidelity don’t make investment decisions collectively, they do share ideas with each other.

Could that be an exaggeration based on short-term stock moves from Entercom?

As RBR+TVBR reported May 11, a stock purchase giving “beneficial ownership” of a sizable number of Entercom Class A shares to one of the nation’s biggest investment firms has been made.

How did other media companies perform on Friday? Check out the Wall Street Report for a live look at stock prices during each trading day, and be sure to view the Closing Prices after 4:15pm Eastern each business day.