Cumulus Media, the radio industry’s second-biggest player by number of stations, on Thursday afternoon released lackluster Q4 and full-year 2016 results.
Investors reacted on Friday by sending shares of CMLS down 16.6%, to 48 cents, on higher-than-average volume of roughly 249,750; average volume for Cumulus is 157,133.
Other radio companies experienced a down day on Wall Street, with Beasley Broadcast Group dipping 3.7%, to $10.30, and Entercom finishing the day off 1.7%, to $14.25.
Profiteers were active in selling a few shares of iHeartMedia, with IHRT dipping 5 cents to $2 — a end-of-week finish not seen since April 2016.
Among the day’s gainers was Townsquare Media, up 1.6% to $12.81, and WFSB-3 in Hartford owner Meredith Corp., up 0.6%, to $62.40 following RBR + TVBR’s exclusive coverage that the TV station is back on Optimum lineups in New Haven and Litchfield Counties in Connecticut.