Radio and TV companies enjoyed a strong trading session on Wednesday, as Cumulus Media catapulted ahead 18%, to $1.24, on the news that it has reached a debt-for-equity deal that will lower its debt by some $300 million.
Other big gainers included CBS Corp., which soared 4.1%, to a 52-week high of $63.44 as the stock went ex-dividend. In fact, it is the highest close for CBS since June 29, 2014. On the upswing as well is rumored reunification partner Viacom, which rose by nearly 4%, to $42.15.
The RBR Radio Index rose 9.460, or 1.49%, to 642.745.
The TVBR Television Index rose 15.705, or 1.63%, to 981.424.
Gainers
Cumulus, up 18.1%
Emmis, up 4.6%
CBS, up 4.0%
Decliners
Salem, down 6.7%
iHeart, down 3.3%
SBS, down 2.6%
