Salem Communications Joins iHeartRadio, CC Media Holdings Hits New Low (CCMO)

Clear Channel Media and Entertainment (OTC: CCMO) dropped to a new year-to-date low today, following the announcement of Salem Communications joining the company’s iHeartRadio. Clear Channel Media and Entertainment (CC Media Holdings) fell nearly 5% and closed today’s trading session at a share price of $2.19.

CC Media Holdings opened today’s trading at a share price of $2.50, or over 8% higher than its previous close, while the volume opened at only 1,000 shares. The promising start did not last longer than two hours when the share price of CC Media Holdings began to drop before noon. However, volume of the stock spiked to a total of 30,610 shares as the trading session ended, bypassing its average of 12,270 shares.

CC Media Holdings has been one of the more active stocks in the over-the-counter market. The company is not lacking headlines either. However, it appears that no newsletters have promoted the stock. There are no results found on about the promotion of CC Media. There is also no activity on Twitter related to CC Media Holdings.

Here are some recent headlines for CC Media Holdings:

  • Today, July 24, 2012: CC Media Holdings announced that Salem Communications’ 97 radio stations will be available on the iHeartRadio digital radio platform. This will offer more choices and greater programming options for iHeartRadio users, as well as a comprehensive, fully integrated digital listening service for Salem listeners.
  • July 18, 2012: CC Media Holdings announced that it will kick off its Fall 2012 season with an exclusive broadcast of Clear Channel’s massive iHeartRadio Music Festival on October 1, 2012. The two-day concert event will take place during September 21-22, 2012 at MGM Grand in Las Vegas, NV.

CC Media Holdings is a diversified media and entertainment company. The company provides radio, digital, out-of-home, mobile and on-demand entertainment and information services for audiences and local communities, and opportunities for advertisers.

The company operates in three segments: media and entertainment, domestic outdoor advertising and international outdoor advertising.

On April 29, 2011, the company acquired the traffic business of Westwood One. CC Media Holdings also purchased a cloud-based music technology business and Brouwer & Partners, a street furniture business, during 2011.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.