Beasley Detroit Cuts WRIF PD Mark Pennington And Three On-Air Staffers

[Y2kTheNewOldies]

https://radioinsight.com/headlines/...pd-mark-pennington-and-three-on-air-staffers/

WRIF ends 2019 and begins 2020 with cuts at the outlet.

Beasley Media ended 2019 with a number of budgetary cuts at its Detroit cluster.

Leading the departures is longtime Rock 101.1 WRIF Program Director Mark Pennington. Pennington joined WRIF in 2001 as APD/MD and was promoted to Program Director in 2008. Pennington has also served as APD of WLVQ Columbus and WMMS Cleveland in his career. Jerry ‘JT’ Tarrants, Program Director of Classic Rock 94.7 WCSX, will add the programming leadership role at WRIF in addition to WCSX.

Also departing WRIF is midday host Anne Carlini. Carlini has been with WRIF for 30 years with the past ten in middays. She began her career in Flint and previously worked at 98.7 WLLZ before joining WRIF.

 

[umfan]

https://www.rbr.com/a-big-wall-street-rebound-for-beasley/


The significant rise in BBGI stock this week may indicate that Wall Street, at least for now, thinks the recent cuts made by the company should stabilize its finances.

 

[MarkW]

I think you're right about that. YTD - the stock is up about 30%.

 

[MarkW]

From what I can gather, the company is still at significant risk of breaching its financial covenants within the next 90 days. No public filings have been made indicating the Credit Agreement has been amended.

Cannot help but wonder if the price momentum is due - at least in part - to people with insider knowledge placing trades?

The only other angle I can come up with is the fact several of the Company's key radio markets are located in presidential election battleground states (Michigan, Pennsylvania, Florida, North Carolina, Nevada), and investors are banking on 2020 being a breakout year for revenue.

 

[umfan]

The only thing I can think of for the rise is confidence by people who should have solid information that a restructuring that would adversely impact the stock, which is what was driving the selloff, is not likely, at least in the near term. I seriously doubt anyone is looking to acquire BBGI, which might be another explanation were it plausible.

 

[umfan]

https://theenterpriseleader.com/202...oup-inc-nasdaqbbgi-short-interest-update.html


Some of the recovery in Beasley (BBGI) stick last month may have been due to shorts covering their positions.


https://seekingalpha.com/article/43...group-good-results-leverage-should-be-lowered


The company reported decent financial results, but debt levels remain a concern.