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Cumulus Media rises 20.2% to $4.70 this week to lead all music stocks after the radio broadcaster said it used a “poison pill” to scare away Singapore-based investors did.
In January, Renew Group Private Ltd increased its stake in Cumulus Media from 5.2% to 10.01%. In order to protect the best interests of all Cumulus shareholders, the Board of Directors has elected to institute a “limited-term shareholder rights plan” that will dilute the company’s stock if it exceeds 15% of Renew Group’s stock. He explained. In justifying the move, Cumulus said Renew Group has invested in other media companies, including direct competitors of Cumulus.
Music stocks were broadly higher this week, with the Billboard Global Music Index rising 1.5% to a new high of 1,684.49. The index is up 9.8% since the beginning of the year and 38.4% over the past 52 weeks. Of the 20 stocks in the index, 13 ended the week in positive territory, six stocks declined, and one stock remained unchanged.
Stock markets around the world hit new highs again this week. In the United States, the Dow Jones Industrial Average exceeded $5,100 for the first time on Friday (February 23) earlier in the day, reaching a closing high of $5,088.80. The Nasdaq Composite Index also hit a new high on Friday, ending the week up 1.4% at 15,996.82. The S&P 500 rose 1.7% to a closing high of 5,088.80. Japan’s Nikkei stock average reached an all-time high on Thursday (February 22), finally surpassing the all-time high reached in 1989, when Japan’s economy was the envy of the world.
Music streamer LiveOne rose 17.9% to $1.71, making it the second-best performing music stock of the week and up 22.1% year-to-date. Chinese music streamer Cloud Music was the next best performer, with no other music stocks posting double-digit gains. The company’s shares rose 4.1% to HK$90.95 ($11.63) as Chinese stocks ended the week solidly after hitting a five-year low in February. In a bid to boost the market, Chinese regulators this week imposed trading restrictions, including limits on short selling and institutional investors.
Spotify stock rose another 4.0% this week to close at $256.10, giving it a whopping 36.3% year-to-date gain (and adding about $13.4 billion to its market cap). On Wednesday (February 21), the company announced the creation of AUX, a new music advisory company that connects brands and artists. The first campaign will see Coca-Cola and DJ-producer Peggy Gou collaborate on what the company calls “a long-term partnership spanning live concerts and events, social media content, branded playlists, and promotional support on the platform.” “partnership”.
Live Nation stock ended the week up 2.2% at $95.32 and rose 2% on Friday after the company reported encouraging fourth-quarter results. Morgan Stanley raises price target to $120 from $110 as Live Nation projects for double-digit growth in adjusted operating profit in 2024, thanks to a busy touring schedule in high-margin outdoor theaters. One reason is that he said he was looking forward to it. President and CEO: “This year is going to be a great year.” michael rapino He said this at an earnings conference on Thursday.
Radio broadcaster iHeart Media fell 12.5% to $2.32, making it the index’s biggest loser this week. The company is scheduled to announce its financial results for the fourth quarter of 2023 on February 29th.
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