Cumulus Media is no longer in debtor-in-possession status. It’s a new day at the company led by CEO Mary Berner. Yet, its stock is at its lowest closing price since it emerged from Chapter 11 protection.
Meanwhile, Entercom at the Closing Bell just staved off another recent low, while Beasley Broadcast Group shares are sputtering.
For CMLS, Friday’s close brought shares down to $15.75.
The 3.3% drop in value came on trading of 27,865 shares — roughly double its average volume.
Cumulus has been trending downward throughout the month of October, even with last week’s announcement that it has completed a discounted prepayment of a portion of its $1.3 billion senior secured term loan facility due May 2022.
Meanwhile, Entercom on October 8 saw its stock price dip to $6.86. At 3:16pm Eastern, ETM was down to $6.82. Trading in the final 15 minutes prevent the company from logging a new year-to-date low. When all was said and done, ETM was off 5 cents, to $6.88. Volume was lower than its average 1.16 million shares, with some 457,740 shares trading.
Entercom reports its Q3 earnings on November 6.
For Beasley, Friday saw its stock fall 2.4%, to $6.52. Just 26,291 shares were traded; its average volume is 89,616 shares.
It’s been a rough six weeks for BBGI, with shares down from $7.70 on September 3.
Further, it’s been since mid-July that Beasley shares were last above the $10 mark.