Forget Entercom's seeming strategy of riding the coattails of Boston sports victories- Wall Street couldn't be more unimpressed with the owner of WRKO and WEEI.
After reaching a fresh, 52-week low earlier in the week, ETM shares sank even further during Friday trading, falling to just $7.49 before recovering slightly to $7.60 at the close.
We've talked about the -85% five-year performance of Entercom shares, but what stands out most now is its shrinking market capitalization: now down to a mere $240m.
In theory at least, that's what it would take to purchase ALL of the company's common shares. A few years ago, some of its largest stations individually might have been valued near that figure. Yet the company owns more than 100 outlets nationwide.
While there's no question radio is in trouble overall, Entercom is quickly joining Citadel at the top of the endangered species list. Is federal protection in order?
