It’s been a bruising 11 weeks on Wall Street for iHeartMedia, the nation’s leader when it comes to audio content creation and distribution. On April 19, it stock was above $20, and was largely between $18 and $21 across the first quarter of 2022. Since then, IHRT has been in a free fall, losing more 65% of its value with a Friday closing price of $7.20.
On that same day in April, Audacy Corp. shares were priced at $2.89. With Friday’s Closing Bell on the NYSE, AUD is at just $0.8851, down 9.5% from July 7 and by more than 69% from April 19.
The next several weeks could be even more challenging for Radio’s “towering two,” by station and revenue count. Revenue challenges persist — mainly due to recession fears that many believe will result in lower advertising dollars. Among those sharing this belief…
