Cumulus - Parent Company of WPRO Delisted By NASDAQ and Stock Drops 34%

Friday, November 24, 2017

 

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Cumulus Media has been delisted by the NASDAQ for failing to meet the $1.00 minimum pricing requirement and other financial performance issues. On Wednesday, the first day of trading after the delisting. the stock dropped over 34 percent and is now be traded on the OTCBB.

In Rhode Island, Cumulus is the parent company of the largest group of radio stations in the Providence market — WPRO AM and FM, HOT 106, LITE 105 and others and now the company faces financial uncertainty.

On Wednesday, the stock closed at just $0.17 per share. An 89 percent drop in stock value from the 52-week high and that was after an eight for one stock swap in 2016.

 

Related Slideshow: Who Really Owns Rhode Island’s Media

Statewide media organizations -- newspaper, television, radio, and digital.

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Newspaper

Providence Journal --> GateHouse --> New Media Investment Group --> Fortress --> SoftBank

Location: Tokyo, Japan

Total Newspapers: 125 Daily Newspapers, 600 Community

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TV

WJAR-10 --> Sinclair Broadcasting

Location: Hunt Valley, Maryland

Total Stations: 233 Stations

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TV

WPRI-12 --> Nexstar

Location: Irving, Texas

Total Stations: 170

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TV

ABC-6 --> Citadel Communication

Location: Bronxville, NY

Total Stations: 3

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Radio

WHJJ, WHJY + More --> iHeart Media

Location: San Antonio, Texas

Stations: 858

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Radio

WPRO AM, WPRO FM + More --> Cumulus Media

Location: Atlanta, Georgia

Stations: 447

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Digital

GoLocalProv --> GoLocal24

Location: Providence, Rhode Island

Websites: 3

 
 

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