The radio company’s shares were boosted by an announcement of a $10 million share repurchase.
Radio companies have suffered from an advertising slowdown since the second half of 2022. Two weeks ago, Cumulus CEOits first-quarter revenue declined 11.4% to $205.7 million and adjusted earnings before interest, taxes, depreciation and amortization fell 66.9% to $10.3 million. To shore up its bottom line and share price, which has fallen 46.9% year to date, Cumulus has cut costs — it also announced an additional $10 million of annualized savings — and retired debt at a discount.
The Billboard Global Music Index, a composite of stocks of 21 music companies across the global music industry, declined 2.8% to 1,203.04 last week. Nine of the index’s stocks were in positive territory, 10 stocks declined and one stock was unchanged. Year-to-date, the index has gained 3.0%. Sphere Entertainment Co. declined 28.9% this week after the company disclosed on Wednesday that construction costs for the state-of-the-art venue in Las Vegas hadto $2.3 billion. Sphere blamed the increase on the “overall complexity of the project” and noted it had made “significant progress” towards completing the structure before U2’s inaugural performance on Sept. 29.
The stock market in general performed better than the Billboard Global Music Index. The S&P 500 and Dow Jones Industrial Average declined 0.3% and 1.1%, respectively. The Nasdaq composite index improved 0.4%. In the U.K., the FTSE 100 index dropped 0.3%. Korea’s KOSPI composite index fell 1.0%.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Jeremy Siegel: Stocks could jump 15% if Fed cuts rates quicklyWharton Professor Jeremy Siegel says stocks could jump 15% this year as long as the Fed cuts rates quickly
Les mer »
Italy calls crisis meeting as pasta prices jump almost 20 percentAs Italy’s government meets to discuss the cause of the pasta price jump, one social media user said, “I can gnocchi believe the prices, I’d re-fusilli to pay.”
Les mer »
US: Weekly Initial Jobless Claims jump to 264K, highest level since October 2021Initial Jobless claims totaled 264,000 in the week ending May 6, the weekly data published by the US Department of Labor (DOL) showed on Thursday. The
Les mer »
‘Foundation’ Season 2 Trailer Picks Up Saga After Century-Long Time JumpApple TV+ released sci-fi epic's second season trailer and announced the show will return July 14.
Les mer »
Italy calls a crisis meeting after pasta prices jump 20%Italian officials are investigating why macaroni prices have risen by more than twice the rate of the country's overall inflation.
Les mer »
Activist investor Elliott pushes for changes at Goodyear, shares jumpActivist investor Elliott Investment Management L.P. disclosed a large investment in Goodyear Tire & Rubber Co on Thursday and said it wants the company to strengthen its financial position by refreshing the board, selling its stores and conducting an operational review.
Les mer »