About five years ago I posted a diatribe about terrestrial radio. You can read the original post here. The gist of it was that radio was killing itself by refusing to adapt to changing times. And I said that by 2010, traditional broadcasting giants like Clear Channel and Cumulus will be in the fight of their lives against new competitors.
And you know what? I was right.
In 2007, Clear Channel was voluntarily delisted from the NYSE. They are traded over-the-counter and have fallen from their opening high of $20 to their current $3.10. Cumulus shares have plummeted from $14.81 to $2.52 over the last five years. Citadel is currently bankrupt, probably because they’ve spent the last nine months trading mostly under ten cents per share (although to be fair, they have gained in value by two cents — approximately 50%).