Investors in Townsquare Media, which owns radio stations in small- to medium-markets across the eastern half of the U.S. and a division focused on fairs and outdoor festivals, were less than kind to the company following the release of largely disappointing Q3 results.
With five-times the average volume of shares trades, Townsquare tumbled on the New York Stock Exchange in Wednesday’s trading. At the Closing Bell, TSQ was down 11.1%, to $8.11.
It’s a huge drop in value for Townsquare, which has been trading between $9.50 and $13 for the last 12 months. Worse yet, it was June 2016 when the company’s stock was last at this level — and that was a five-year low for TSQ.
The steep drop comes as the company’s co-CEOs disclosed during yesterday’s conference call with analysts that it is putting its outdoor events and festivals segment under strategic review.
In other media industry news from Wall Street:
- Viacom is again struggling to overcome a five-year low for its Class B shares. Today’s closing price: $24.30, reflecting a 1.9% drop.
- Snapchat stock slid 14.6%, $12.91, after the social media company reported worse-than-expected Q3 numbers on Tuesday evening.
- Cumulus Media gave back another 2.5% and presently sits at 32 cents a share.
- Shares of iHeartMedia not controlled by private investors fell to $1.20, a 6.25% dip.
RBR+TVBR’s Wall Street Report is back after a service issue. Please visit the RBR.com homepage for a full look at today’s closing prices.