Radio Stocks: UPDATE 5

At the bottom of the market I was updating this every few months but it's still interesting to examine this since I haven't taken a look at the numbers since 2012!  The market as a whole has been two long years in recovery... but has radio? Take a look below:

Clear Channel Communications CCU/NYSE
IPO 7/6/1994 - 29.9
Peak - 11/5/07 - 38.4
07/24/08 -WENT PRIVATE

Cumulus Media CMLS/NASDAQ
IPO - 11/16/2001 - 6.99
Peak - 4/23/2004 -22.25
10/15/08 - 1.77
03/02/09 - 1.82
12/22/10 - 2.27
12/15/10 -  3.70
01/12/12 -  3.71
CURRENTLY - 6.72

Saga Communications SGA/NYSE
IPO - 10/15/1993 - 5.4
Peak - 5/3/2002 -23.20
10/15/08 - 4.9
03/02/09 - 4.28
12/22/09 - 12.75
12/15/10 -  24.40
01/12/12 -  38.39
CURRENTLY - 45.34

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
10/15/08 - 1.3
03/02/09 - 0.84
12/17/08 - DE-LISTING LETTER
12/22/09 -3.39
12/15/10 -  2.49
01/12/12 -  1.38
CURRENTLY - 5.70
 
Citadel Broadcasting CDL/NYSE
IPO - 8/1/2003 - 20.09
Peak - 12/26/03 - 22.7
09/15/08 - DE-LISTING LETTER
10/15/08 - 0.26
03/02/09 - 0.2
03/06/09 - DE-LISTED
12/20/09 - DECLARED BANKRUPTCY
06/01/10 - EMERGED FROM BANKRUPTCY

Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/2008 - 13.68
08/16/08  - DE-LISTING LETTER
10/15/08 - 0.7
06/30/09 - DELISTED (Stock now trades on the OTC Bulletin Board.)

Cox Radio CXR/NYSE
IPO - 10/11/1996 - 7.2
Peak - 12/31/1999 - 33.25
10/15/08- 6.85
03/02/09 - 5.20
06/01/09 - WENT PRIVATE

Entercom Communications ETM/NYSE
IPO - 3/12/1999 - 29.68
Peak - 2/4/2000 - 65.8
10/15/08- 2.34
03/02/09 - 1.28
12/22/09 - 7.48
12/15/10 - 9.35
01/12/12 -  7.21
CURRENTLY - 10.33
 
Salem Communications SALM/NASDAQ
IPO - 07/02/1999 - 26.375
Peak - 04/23/04 - 33.08
10/15/08- 1.01
03/02/09 - 0.56
12/22/09 - 4.48
12/15/10 - 9.35
01/12/12 -2.54
CURRENTLY - 8.95

Beasley Broadcasting BBGI/NASDAQ
IPO - 02/11/2000 - 14.125
Peak - 02/13/2004 - 19.05
10/15/08 - 1.71
03/02/09 - 1.11
12/22/09 - 3.82
12/15/10 - 4.77
01/12/12 -  3.38
CURRENTLY -8.94
 
Emmis Communications EMMS/NASDAQ
IPO - 03/04/1994 - 7.75
Peak - 12/31/1999 - 62.32
10/15/08- 0.60
03/02/09 - 0.31
12/22/09 - 1.23
11/05/10 -  DE-LISTING LETTER
12/15/10 - 0.47
01/12/12 - 0.72
CURRENTLY - 3.31
 
Radio One ROIAK/NASDAQ
IPO - 06/02/2000 - 65.00
Peak - 06/02/2000 - 65.00
10/15/08 - 0.301
03/02/09 - 0.41
12/22/09 - 3.29
09/20/10 - DE-LISTING LETTER
11/22/10 - REGAINED COMPLIANCE
12/15/10 - 1.01
01/12/12 - 0.94
CURRENTLY - 4.37
 
Sinclair Broadcast Group SBGI/NASDAQ
IPO - 06/09/1995 - 9.54
Peak - 04/03/1998 - 29.81
10/15/08 - 6.64
03/02/09 - 1.13
12/22/09 - 3.66
12/15/10 - 8.36
01/12/12 - 12.74
CURRENTLY - 27.41
 
Spanish Broadcasting System SBSA/NASDAQ
IPO - 11/05/1999 -26.625
Peak - 12/31/1999 - 40.25
10/15/08 - 0.41
03/02/09 - 0.09
12/22/09 - 0.75
02/13/10 -  DE-LISTING LETTER
05/01/10 - REGAINED COMPLIANCE 
10/18/10 -  DE-LISTING LETTER
12/15/10 - 0.74
01/12/12 - 2.84
CURRENTLY - 6.49
 
Up, up up!  Every radio stock has bounced back and then some. SBS and Sinclair actually doubled in value. But the down jones over that same period of time has increased by 25%. But even if you consider that growth par for the course, these media stocks have done very well indeed.

Radio Stock Update 4

I read just today that Peak Broadcasting was headed into Chapter 11. It reminded me that perhaps it was time to do an update to my long-running series of posts on radio stocks. I've been checking in on the radio stocks that had IPOs in the 1990s to see how one might fare if they'd held onto those. Peak Broadcasting is a private company and I cant include them here, but there is plenty of other fodder.

As you can see very few meet or beat their IPO; Sinclair makes the cut, as does Saga. Many of the others have turned out to have been solid buys had to liquidity in the 2008 crash, but that's all too few of us. Radio stocks continue to be a dubious buy.

Clear Channel Communications CCU/NYSE
IPO 7/6/1994 - 29.9
Peak - 11/5/07 - 38.4
07/24/08 -WENT PRIVATE

Cumulus Media CMLS/NASDAQ
IPO - 11/16/2001 - 6.99
Peak - 4/23/2004 -22.25
10/15/08 - 1.77
03/02/09 - 1.82
12/22/10 - 2.27
12/15/10 -  3.70
Currently -  3.71

Saga Communications SGA/NYSE
IPO - 10/15/1993 - 5.4
Peak - 5/3/2002 -23.20
10/15/08 - 4.9
03/02/09 - 4.28
12/22/09 - 12.75
12/15/10 -  24.40
Currently -  38.39

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
10/15/08 - 1.3
03/02/09 - 0.84
12/17/08 - DE-LISTING LETTER
12/22/09 -3.39
12/15/10 -  2.49
Currently -  1.38

Citadel Broadcasting CDL/NYSE
IPO - 8/1/2003 - 20.09
Peak - 12/26/03 - 22.7
09/15/08 - DE-LISTING LETTER
10/15/08 - 0.26
03/02/09 - 0.2
03/06/09 - DE-LISTED
12/20/09 - DECLARED BANKRUPTCY
06/01/10 - EMERGED FROM BANKRUPTCY


Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/2008 - 13.68
08/16/08  - DE-LISTING LETTER
10/15/08 - 0.7
06/30/09 - DELISTED (Stock now trades on the OTC Bulletin Board.)

Cox Radio CXR/NYSE
IPO - 10/11/1996 - 7.2
Peak - 12/31/1999 - 33.25
10/15/08- 6.85
03/02/09 - 5.20
06/01/09 - WENT PRIVATE

Entercom Communications ETM/NYSE
IPO - 3/12/1999 - 29.68
Peak - 2/4/2000 - 65.8
10/15/08- 2.34
03/02/09 - 1.28
12/22/09 - 7.48
12/15/10 - 9.35
Currently -  7.21

Salem Communications SALM/NASDAQ
IPO - 07/02/1999 - 26.375
Peak - 04/23/04 - 33.08
10/15/08- 1.01
03/02/09 - 0.56
12/22/09 - 4.48
12/15/10 - 9.35
Currently -2.54

Beasley Broadcasting BBGI/NASDAQ
IPO - 02/11/2000 - 14.125
Peak - 02/13/2004 - 19.05
10/15/08 - 1.71
03/02/09 - 1.11
12/22/09 - 3.82
12/15/10 - 4.77
Currently -  3.38

Emmis Communications EMMS/NASDAQ
IPO - 03/04/1994 - 7.75
Peak - 12/31/1999 - 62.32
10/15/08- 0.60
03/02/09 - 0.31
12/22/09 - 1.23
11/05/10 -  DE-LISTING LETTER
12/15/10 - 0.47
Currently - 0.72

Radio One ROIAK/NASDAQ
IPO - 06/02/2000 - 65.00
Peak - 06/02/2000 - 65.00
10/15/08 - 0.301
03/02/09 - 0.41
12/22/09 - 3.29
09/20/10 - DE-LISTING LETTER
11/22/10 - REGAINED COMPLIANCE
12/15/10 - 1.01
Currently - 0.94

Sinclair Broadcast Group SBGI/NASDAQ
IPO - 06/09/1995 - 9.54
Peak - 04/03/1998 - 29.81
10/15/08 - 6.64
03/02/09 - 1.13
12/22/09 - 3.66
12/15/10 - 8.36
Currently - 12.74

Spanish Broadcasting System SBSA/NASDAQ
IPO - 11/05/1999 -26.625
Peak - 12/31/1999 - 40.25
10/15/08 - 0.41
03/02/09 - 0.09
12/22/09 - 0.75
02/13/10 -  DE-LISTING LETTER
05/01/10 - REGAINED COMPLIANCE 
10/18/10 -  DE-LISTING LETTER
12/15/10 - 0.74
Currently - 2.84

Radio Stock Update 3

They keep saying radio stocks are ready to rebound, and overall...it just hasn't happened. Of the dozen radio stocks I've been tracking three went private, 6 were threatened with de-listing, and one was downgraded to the OTCBB which is almost as bad as being downgraded to the OTB. None exceed their late 90s IPOs. Saga has been the real winner over the last 2 years, but most of the others still struggle with Radio One only getting it's de-listing letter a month ago. For them it's 2008 all over again.

A couple years ago I picked out a dozen publicly traded  terrestrial radio stocks and I've been periodically checking up on them and being very glad I didn't buy any. This year I added Sinclair and SBS to round out the dozen to make up for the two that were de-listed. Bonneville, Peak, Greater Media and Buckley are all private and not traded so after the big ten the groups get pretty small.Hopefully the data is still meaningful.  I'm also deliberately avoiding conglomerates with focuses outside radio.

Clear Channel Communications CCU/NYSE
IPO 7/6/1994 - 29.9
Peak - 11/5/07 - 38.4
07/24/08 -WENT PRIVATE

Cumulus Media CMLS/NASDAQ
IPO - 11/16/2001 - 6.99
Peak - 4/23/2004 -22.25
10/15/08 - 1.77
03/02/09 - 1.82
12/22/10 - 2.27
Currently -  3.70

Saga Communications SGA/NYSE
IPO - 10/15/1993 - 5.4
Peak - 5/3/2002 -23.20
10/15/08 - 4.9
03/02/09 - 4.28
12/22/09 - 12.75
Currently -  24.40

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
10/15/08 - 1.3
03/02/09 - 0.84
12/17/08 - DE-LISTING LETTER
12/22/09 -3.39
Currently -  2.49

Citadel Broadcasting CDL/NYSE
IPO - 8/1/2003 - 20.09
Peak - 12/26/03 - 22.7
09/15/08 - DE-LISTING LETTER
10/15/08 - 0.26
03/02/09 - 0.2
03/06/09 - DE-LISTED
12/20/09 - DECLARED BANKRUPTCY
06/01/10 - EMERGED FROM BANKRUPTCY

Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/2008 - 13.68
08/16/08  - DE-LISTING LETTER
10/15/08 - 0.7
06/30/09 - DELISTED (Stock now trades on the OTC Bulletin Board.)

Cox Radio CXR/NYSE
IPO - 10/11/1996 - 7.2
Peak - 12/31/1999 - 33.25
10/15/08- 6.85
03/02/09 - 5.20
06/01/09 - WENT PRIVATE

Entercom Communications ETM/NYSE
IPO - 3/12/1999 - 29.68
Peak - 2/4/2000 - 65.8
10/15/08- 2.34
03/02/09 - 1.28
12/22/09 - 7.48
Currently - 9.35

Salem Communications SALM/NASDAQ
IPO - 07/02/1999 - 26.375
Peak - 04/23/04 - 33.08
10/15/08- 1.01
03/02/09 - 0.56
12/22/09 - 4.48
Currently - 9.35

Beasley Broadcasting BBGI/NASDAQ
IPO - 02/11/2000 - 14.125
Peak - 02/13/2004 - 19.05
10/15/08 - 1.71
03/02/09 - 1.11
12/22/09 - 3.82
Currently - 4.77

Emmis Communications EMMS/NASDAQ
IPO - 03/04/1994 - 7.75
Peak - 12/31/1999 - 62.32
10/15/08- 0.60
03/02/09 - 0.31
12/22/09 - 1.23
11/05/10 -  DE-LISTING LETTER
Currently - 0.47

Radio One ROIAK/NASDAQ
IPO - 06/02/2000 - 65.00
Peak - 06/02/2000 - 65.00
10/15/08 - 0.301
03/02/09 - 0.41
12/22/09 - 3.29
09/20/10 - DE-LISTING LETTER
11/22/10 - REGAINED COMPLIANCE
Currently - 1.01

Sinclair Broadcast Group SBGI/NASDAQ
IPO - 06/09/1995 - 9.54
Peak - 04/03/1998 - 29.81
10/15/08 - 6.64
03/02/09 - 1.13
12/22/09 - 3.66
Currently - 8.36

Spanish Broadcasting System SBSA/NASDAQ
IPO - 11/05/1999 -26.625
Peak - 12/31/1999 - 40.25
10/15/08 - 0.41
03/02/09 - 0.09
12/22/09 - 0.75
02/13/10 -  DE-LISTING LETTER
05/01/10 - REGAINED COMPLIANCE 
10/18/10 -  DE-LISTING LETTER
Currently -0.74

Day traders will tell you that you're better off buying penny stocks in lots of a thousand to offset the cost of brokers fees. It means you need a relatively smaller bump to offset that cost. But being penny stocks, it also means that sometimes you basically donated that money to Lloyd C. Blankfein. In other words... most of these are still a dubious investments even after 2 years of recovery. You can clearly see that some have been winners and the rest have been losers.

Radio Stock Update 2

Twice before I've examined the ups and downs of a set of radio stocks. I revisit today because some of these chains are now declaring bankruptcy. After a year, it bears some scrutiny. the stock market rebounded significantly this year, and some radio stocks bounced back, others bottomed out. I added a couple to the list to round out the information.Two companies declared bankruptcy, three more may soon as well. Two went private and Clear Channel is expected to miss their first big interest payment to Bain-Capital January 15th and get the cleaver. On with the numbers...

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
03/02/09 - 1.82
Currently - 2.27

Saga Communications SGA/NYSE
IPO - 10/15/1993 - 5.4
Peak - 5/3/2002 -23.20
10/15/08 - 4.9
03/02/09- 4.28
Currently - 12.75

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
10/15/08 - 1.3
03/02/09 - 0.84
Currently -3.39
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
03/02/09 - 0.2
Currently - 0.014
DELISTING LETTER 9/15/08
DECLARED BANKRUPTCY 12/20/09

Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/2008 - 13.68
10/15/08 - 0.7
03/02/09 - 0.1735
Currently - 0.2
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
03/02/09 - 5.20

WENT PRIVATE 05/13/2009

Entercom Communications ETM/NYSE
IPO - 3/12/1999 - 29.68
Peak - 2/4/2000 - 65.8
10/15/08- 2.34
03/02/09 - 1.28
Currently - 7.48

Salem Communications SALM/NASDAQ
IPO - 07/02/1999 - 26.375
Peak - 04/23/04 - 33.08
10/15/08- 1.01
03/02/09 - 0.56
Currently - 4.48

Beasley Broadcasting BBGI/NASDAQ
IPO - 02/11/2000 - 14.125
Peak - 02/13/2004 - 19.05
10/15/08- 1.71
03/02/09 - 1.11
Currently - 3.82

Emmis Communications EMMS/NASDAQ
IPO - 03/04/1994 - 7.75
Peak - 12/31/1999 - 62.32
10/15/08- 0.60
03/02/09 - 0.31
Currently - 1.23

Radio One ROIAK/NASDAQ
IPO - 06/02/2000 - 65.00
Peak - 06/02/2000 - 65.00
10/15/08- 0.301
03/02/09 - 0.41
Currently - 3.29

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

Radio Stocks

Whether you have an IRA or 401k or even invest directly in stocks you cannot escape the bad news. Every sector is down. It's just been depressing. But particularly hard hit was "terrestrial radio stocks." These formerly promising IPOs are now lining the parrot cage. In 2005 there was some talk of a rebound. Today they're considered a lost cause. CNBC's Jim Cramer trashed them earlier this year in a 7 minute histrionic rant.

I always avoid current events as a topic here. But in terms of radio history: their procession through the stock market is a summary of the changes in the radio industry: the move toward automation, the new competing media platforms, the damn Ipod... You can see it in every rise and fall. It's only this year that Thomas H. Lee Partners and Bain Capital have taken CC private, departing the NYSE. Radio has had four phases in it's first century: The hobbyist phase, the golden era, the post-Television era, the FM era and now... the decline. (Hold your rebuttal until after the last paragraph.)

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
Currently 1.77

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

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
Currently 1.3

Citadel Broadcasting CDL/NYSE
IPO - 8/1/2003 - 20.09
Peak - 12/26/03 - 22.7
Currently 0.26

Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/08 - 13.68
Currently - 0.7

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

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

Down, down down down way down. But it's not the end. It's a decline owing to an utter refusal to accept a new media model. Automation, mergers, consultants, voice tracking and homogeneous playlists that have converted the early freewheeling FM stations into homogeneous zombie transmitters looping identical playlists. That was cost-effective. It had it's time. That time is over. Change or die boys.