Monday, February 02, 2009

Radio Stock Update




In October last year I examined the state of radio as an investment. Things were getting ugly last fall and they have not improved. This is fluid, like all stocks but unlike all stocks, these were headed downward before the rest of the wave. In many cases you may have felt that they couldn't fall any further, they'd dropped form their IPOs into the realm of pocket change. But no, today a good number of these are on the verge of being delisted. Even West Wood ONe was threatened with delisting back in November. The layoffs in radio this quarter are already infamous. If you think that's harsh, you should read Jerry Del Colliano's article.

Clear Channel Communications
CCU/NYSE
IPO 7/6/1994 - 29.9
Peak - 11/5/07 - 38.4
went private.. took their stock and went home.

Cumulus Media CMLS/NASDAQ
IPO - 11/16/2001 - 6.99
Peak - 4/23/2004 -22.25
10/15/08 - 1.77
Currently
- 1.82

Saga Communications SGA/NYSE
IPO - 10/15/1993 - 5.4
Peak - 5/3/2002 -23.20
10/15/08 - 4.9
Currently - 4.28

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
10/15/08 - 1.3
Currently - 0.84
DELISTING LETTER 12/17/08

Citadel Broadcasting CDL/NYSE
IPO - 8/1/2003 - 20.09
Peak - 12/26/03 - 22.7
10/15/08 - 0.26
Currently - 0.2
DELISTING LETTER 9/15/08

Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/08 - 13.68
10/15/08 - 0.7
Currently - 0.1735
DELISTING LETTER 8/16/08

Cox Radio CXR/NYSE
IPO - 10/11/1996 - 7.2
Peak - 12/31/1999 - 33.25
10/15/08- 6.85
Currently - 5.20

Entercom Communications ETM/NYSE
IPO - 3/12/1999 - 29.68
Peak - 2/4/2000 - 65.8
10/15/08- 2.34
Currently - 1.28