Stock Drops After Pandora Reports

4-24-14

Despite increasing revenue 54 percent in the first quarter of 2014, Pandora was trading down as much as 9 percent in after-hour trading Thursday night. The company reported $180.1 million in Q1 revenue, 74 percent ($134.1 million) of which is now coming from mobile revenue. The company reported a loss of approximately $29 million, or about 13 cents per share. Pandora expects revenue in the range of $213 million to $218 million in Q2 and $880 million to $900 million for the full year. The company also expects EPS in the range of flat to 3 cents for the second quarter, and 14 cents to 18 cents for the full year.

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SiriusXM To Repurchase $2 Billion In Stock

10-10-13

The SiriusXM Radio board of directors has approved an additional $2 billion common stock repurchase program. The company also announced that it has agreed to repurchase $500 million of common stock from Liberty Media. The shares are intended to be purchased in three installments in November 2013, January 2014, and April 2014. To date, the company has repurchased 476,545,601 shares of common stock for an aggregate purchase price of approximately $1.6 billion. 

In a press release, the company said, "The announcement of the new repurchase program reflects the board's desire to continue to return value to stockholders and its confidence in the long-term growth prospects of the company's business. SiriusXM retains ample capital capacity to continue making long-term investments in its programming, research and development initiatives, and overall operations, as well as pursue strategic opportunities that may arise."

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Saga Declares 4-for-3 Stock Split

1-17-2013

Saga Communications announced that its Board of Directors has declared a 4-for-3 stock split on its Class A and Class B Common Shares. The new shares will be distributed on January 16 to shareholders of record as of the close of business on December 28, 2012. 

As a result of the stock split, each shareholder of Class A Common Stock will receive one additional share of Class A Common Stock for every three shares of Class A Common Stock owned, and each shareholder of Class B Common Stock will receive one additional share of Class B Common Stock for every three shares of Class B Common Stock owned.  Fractional shares will be paid for in cash.

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Stock Exchange at Cumulus

1-3-2012

A slew of filings with the SEC last night show a bunch of Cumulus stock being sold and purchased. CEO Lew Dickey sells 7,349 shares totaling just under $3 million. Co-COO John Dickey sells over 6,000 shares for just under $2 million. And, Co-COO Jon Pinch sold a little over 2,000 shares for $256,000. Crestview Partners purchased just under 1.5 million shares of Cumulus stock for over $180 million.

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Liberty Purchases More Sirius Stock

9-6-2012

Last night Liberty Media filed another document with the SEC listing purchase dates of September 4th and September 5th for more Sirius XM stock. The filing says Liberty is purchasing another 5.5 million shares. Liberty CEO John Malone has made no secret of the fact that it wants to take control of Sirius XM by purchasing enough stock to become the majority shareholder. Two big questions; What will Liberty do with the company? And, what will Mel Karmazin do after his contract expires at the end of this year.

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Emmis Files For Reverse Stock Split.

3-14-2012

Emmis has been notified of a possible delisting from the AMEX for being below $1.00 (The stock is at .73 and has been as low as .58). The reverse stock split is an attempt to get that stock price back above the $1.00 mark. Emmis is asking shareholders to vote for a change of between 1-for-3 and 1-for-8. Being delisted is a long process with many chances to appeal along the way. SBS went through a similar process recently.

There are additional changes being requested that you can find in the SEC document HERE

The following is a statement from Emmis as they filed for the reverse stock split with the SEC late last night. "Emmis responded to requests by our Preferred Shareholders for liquidity and offered all our preferred shareholders, including the few remaining holdouts, the opportunity for liquidity.  We were very clear in our most recent tender offer regarding the company potentially amending the preferred terms.  Our Board, with the exception of the Director elected by the preferred shareholders, recommends the common shareholders vote to approve the amendments to the terms of the preferred as well as vote to provide the Board the discretion to implement a reverse stock split."

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Saga Stock Anything But Flat.

On a day the Dow rose 1.76%, steady Ed Christian's SAGA Communications stock shot up nearly 5%. At the close SGA was at a very respectable $37.39 and the stock is inching back toward its 52-week high of $40.00. Saga's year-to-date performance is plus 45% and about a year ago the stock was trading at about $20.00. By comparison to some of radio's other broadcasters the SAGA stock is a very bright spot.  Cumulus is at $3.00 (down 31% YTD), Entercom is at $5.84, (down 50% YTD) and Salem is at $2.50 (down 24% YTD). 2011 probably could not end fast enough for some radio executives, with tough political comps from 2010 hampering the outlook for Q4 in 2011. However, 2012 promises to be another record political year in terms of advertising dollars spent and the sooner 2012 arrives the sooner radio CEO's can delete the word "flat" from their quarterly conference call opening statements.

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