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In a market where hardly any stocks are worth buying, Cramer took time on Monday’s show to highlight what he thinks are someof the biggest sells out there: the terrestrial radio companies.
Clear Channel [CCU
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], Cumulus Media [CMLS
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], Entercom [ETM
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], Saga [SGA
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], Beasley [BBGI
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], Cox Radio [CXR
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]. These stocks are so intrinsically broken, Cramer said, that they are not fit to own even when the broader market rebounds.
Terrestrial radio’s biggest problem is retaining advertising revenues as more ad dollars are siphoned by the internet. In 2007 total ad dollars for radio fell to where they were in 2003. That point to an industry going backwards, not forward, Cramer said.
The average market cap of terrestrial radio companies has declined by a staggering 80% over the last five years. But the bottom isn’t even in yet, as far as Cramer can tell.
The terrestrial radio lobby is doing what it can to block the XM [XMSR
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] – Sirius [SIRI
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] satellite radio merger because it believes – rightly so, according to Cramer – that a combined XM-Sirius could be the death blow to the industry by offering lower prices and a higher quality service. If the radio companies want to remain relevant in the rapidly changing media landscape, they need to stop desperately trying to kill this merger and instead focus on adapting to the new environment.
Either way, the bottom line remains the same. Cramer expects the terrestrial radio companies to go down harder than almost anything else and he would not own any of them under any condition right now.
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