The Business of Radio

by Tom Gordon & Jeff McKay

 

6/03/19

While radio stocks have been falling as of late, Sirius XM has bucked that trend - shares of Sirius (SIRI), which were worth less than 40 cents in 2009 broke the $6.00 barrier this month with their merger to Pandora completed.  One radio stock to watch will be Entravision (EVC), which has been hovering at $3.00 per share for the past month - a stock value not seen since January, 2013 - Entravision has lost nearly two-thirds of it's value since June, 2015.  Urban One announced they will sell WDMK-FM along with three translators in Detroit to Beasley Broadcast Group for $13.5 million.  Salem Media announced it will be expanding its recently-launched digital advertising agency, Salem Surround, with the addition of two new Regional Digital Sales Directors - Andy Massingill will become the Regional Digital Sales Director for the West Region, while Jon Latzer will oversee the East Region.  Salem Surround offers a comprehensive suite of digital marketing services to develop and execute audience-based marketing strategies for clients on both local and national levels.  Following radio station sales in six markets including New York and Washington, DC, Cumulus Media sold their legendary WABC-AM in New York City to Red Apple Media for a surprising $12.5 million in cash, a figure some in the radio industry called low.  Always sad when a radio personality winds up making news for the wrong reasons - James Frye, 39, a well-known radio host for WHKO-FM in Dayton, Ohio popularly known as 'Frye Guy' was arrested several charges including Domestic Violence Threats, Aggravated Menacing and Child Endangering.  Frye, who claims he's innocent, now no longer works for Cox Media Group.