Wall Street loves a loser.
Cumulus first quarter results were down 23.8% but their stock closed UP last week.
iHeart was down 21% year over year and their stock went UP almost $3.
Audacy went down 19% and their stock only lost 20 cents in shareholder value.
Apparently, there is money to be made when companies claw their way to the bottom and now after sprucing up the radio sector’s worst numbers, Proud Mary Berner is predicting a big comeback in the next quarter.
Something is wrong here so I asked radio executives familiar with Cumulus operations and some competitors to weigh in on their chances to remain solvent.
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