Upward Movement On Monday For Media Shares


U.S. financial markets enjoyed a stellar start to the week, as the Dow Jones Industrial Average climbed 89.99 points, to 20,894.83. The Nasdaq Composite improved 49.92, to 6,133.62.

Among the big movers on Monday was Cumulus Media, as chat concerning a possible takeover from a Lew Dickey-led blank check company continues.

With speculation rampant that Dickey’s Modern Media Acquisition Corp. is looking to step in and hit the refresh button at Cumulus, shares in CMLS soared 23.3%—to 61 cents.

Another big mover on Monday was Beasley Broadcast Group, with shares in BBGI climbing 40 cents, to $8.80.

The big dipper on Monday was, interesting, top performer Saga Communications. The company’s shares fell 2.5%, to $47.65, but are already up 2.2% in after-hours trading. This suggests that an institutional investor made a big sale.

Meanwhile, the troubles continue for Pandora Media, with shares in “P” down 12 cents, to $9.12, on word PayPal is suing Pandora for creating an “unlawfully similar” logo.