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Cumulus Media Poison Pill Sends Share Price Soaring, Live Nation Stock Rises on Record Earnings
Cumulus, Live Nation and Spotify share prices rise as music stocks reach a new high. The Billboard Global Music Index is up 9.8% in 2024.
Cumulus Media led all music stocks this week by gaining 20.2% to $4.70 after the radio broadcaster announced it had employed a “poison pill” to ward off a Singapore-based investor. The inaugural campaign matches Coca-Cola with DJ-producer Peggy Gou in what the company called “a long-term partnership that will span live concerts and events, social media content, a branded playlist, and on-platform promotional support.” Morgan Stanley raised its price target from $110 to $120 in part because Live Nation said it expects double-digit growth in adjusted operating income in 2024 thanks to a busy touring schedule in its high-margin amphitheaters.
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