Radio Stock Blood Bath – The climax is near…. on a rocky day that ended up mixed, Clear Channel’s public portion lost 9% of its value, Cumulus lost 14% of its value and WestWood One was down 9%.. (in one day). The way I read that is the June numbers are in from the accountants, and the numbers were really bad. Someone is about to either default their credit facility or have to renegotiate even worse terms. Citadel is no longer traded on a reliable market, but it’s likely in the same situation (it was down 13% on the OTCBB). They could all fail together, which is a really dangerous outcome.
If you work at the FCC Media division, you’re gonna be working a lot of overtime soon
