A little over 15 cents a share. De-listing of the stock should be very soon. What a travesty. Buddy, are you ready to pounce?
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Audacy Stock today
- Thread starter Oldbloodandguts
- Start date
We will know more next Wednesday:
Audacy, Inc. to Report 2022 Fourth Quarter Financial Results, Host Conference Call on March 15
PHILADELPHIA, February 22, 2023--Audacy, Inc. (NYSE: AUD) will report its 2022 fourth quarter financial results before the market opens on Wednesday, March 15, 2023. The Company will host a conference call and simultaneous webcast at 10:00 a.m. ET that morning to review the results and recent...
I wanted to get a gumball at the supermarket and sold one share of AUD to get the money for it. Needless to say, I came home without the gumball.
the NYSE sent them a delisting letter a long time ago, why AUD has not been removed is beyond me
The last time it happened the Fields family pumped the price up by buying stock (from each other?) to get it up, this time around no amount of money is going to keep it from being a "penny stock"
Waiting for the bankruptcy filing.....
Beasley is managing to hover just above $1.00/share
The last time it happened the Fields family pumped the price up by buying stock (from each other?) to get it up, this time around no amount of money is going to keep it from being a "penny stock"
Waiting for the bankruptcy filing.....
Beasley is managing to hover just above $1.00/share
In other media news, SiriusXM stock has cratered in the last month, from $6.25 down to $3.85. It hasn't been this low since 2016. Yesterday they laid off 8% of their staff, a total of 475 people. At this rate, Sirius could be facing the same fate by the summer.
The Field family owns way too much stock to allow that to happen.
At some point, the family may have little choice. Market forces will dictate. Audacy now is in penny stock range and a laughingstock ... as is Field the junior, who will no doubt walk away from any possible bankruptcy with little personal loss aided by a platinum parachute, much as Farid Suleman walked from the Citadel bankruptcy. Privatize the profit, socialize the loss.
The family owns 18% of the stock. David himself owns more stock than any one creditor. He's in the hole for millions of his own money. Bankruptcy hurts him and his father. So that's not going to happen. Bankruptcy doesn't happen because the stock price drops to pennies. Sirius went down to 2 cents before John Malone came in to buy the company. As I said in the previous thread on this subject, that's what I expect to happen. The easy way to fix the stock price is a reverse split. We will all know for sure next Wednesday.
Just think, you could own 8 shares of a bad stock instead of one. Getting the stock price up doesn't resolve the underlying fundamentals.
Thankfully, I don't have a dog in this fight, and beyond being an observer of radio and business fundamentals, don't much care. This properly noted, that David Filed ("DF") owns more stock than any one creditor may be of less significance when compared to the many creditors, the total number of which exceeds DF's 18% holding. The market cap is nearly 22.5 million shares, so DF holds approximately 4 million shares. Yes, the cost/damage to DF and the Field family holdings in the company affects DF and the Field family, and it could be that a 'white knight' steps up as Malone did with Sirius, but these are different times and circumstances for OTA media. And as Malone did with Sirius, "control" of Audacy will be a major factor for the white knight who makes an attempt to rescue it.
SirRoxalot makes a valid point about fundamentals as it applies to the question; is "eight shares" of a foundering company an enticement to buy ... and hold?
Absolutely, and I think the Field family will lose control of Audacy. The only question is to whom?
The ultimate solution was that Mel Karmazin & Infinity bought out Norm's share, and they took over management. My view is that something like that will happen with Audacy.
Finally! The end of Alt!
CBS should go back into the radio business. Call it Paramount Radio
In one of my more memorable trades, I did purchase a bunch of SIRI shares when the pps was 15 cents. Unfortunately I sold at 1.28
Reverse splits often doom a stock that is mostly doomed already anyway. It is a horrible indicator.
...or "ihateradio"
Sometimes. The reverse split seemed to have saved GE.
What saved GE is spinning off different divisions as entities unto themselves.
All it takes is one activist investor to buy up enough shares to put the Field family under pressure. They could be out in a NY minute if enough of the note-holders and institutional investors decide it's time to write Audacy off and take whatever they can get for their shares or if they call in their notes. The latter would be hard to do if David hasn't defaulted on any payments. If that happens, it will be the end of the Field family control. Avoiding missing a payment may be why there's a fire sale on towers, AM land holdings, and at least a couple of FMs that might be attractive to other groups trying to consolidate holdings in some markets where Audacy doesn't have a full load of FMs.
All it takes is one activist investor to buy up enough shares to put the Field family under pressure. They could be out in a NY minute if enough of the note-holders and institutional investors decide it's time to write Audacy off and take whatever they can get for their shares or if they call in their notes. The latter would be hard to do if David hasn't defaulted on any payments. If that happens, it will be the end of the Field family control. Avoiding missing a payment may be why there's a fire sale on towers, AM land holdings, and at least a couple of FMs that might be attractive to other groups trying to consolidate holdings in some markets where Audacy doesn't have a full load of FMs.
i see that as short term stuff that won't affect stock price. They need to find a new revenue source or a white knight. If Field has a big investor who will keep him as CEO, that will buy him a few years. Otherwise the change may happen next week. They can't grow as a company when they have to watch their spending. They can't attract new investors if they're not growing. A downward spiral is not a way to attract new investors.
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