Here’s something you don’t hear every day: Radio companies were big gainers on Wall Street on Thursday, thanks in part to the tax-free merger set between CBS Radio and Entercom, which rose $1.55, to $15.70. Cumulus Media rode on their coattails, jumping ahead 13 cents, to $1.12, to again escape the “danger zone” of a delisting warning. Beasley improved by 40 cents, to $7.65.
Among the decliners was Nexstar Media Group, off $1.40 to $66.
The RBR Radio Index rose 30.259, or 5.54%, to 576.935.
The TVBR Television Index fell 9.172, or 0.93%, to 982.405.
Cumulus, up 13.1%
SBS, up 13.0%
Entercom, up 10.9%
Nexstar, down 2.1%
Sinclair, down 2.1%
Gray, down 2.0%