Sphere Entertainment Co. stock gained 5.4% to $35.
04 this week after Point72 Asset Management, the hedge fund of Wall Street giant Steve Cohen , took a 5.5% stake in the company, making it one of the best-performing companies on this week’s Billboard Global Music Index . Cohen is the owner of the New York Mets professional baseball team.
Sphere’s sister company, MSG Sports — James Dolan is CEO of both companies — owns two of the city’s major professional sports franchises, the New York Knicks basketball team and the New York Rangers hockey team. The Sphere venue in Las Vegas will host its first sports event Friday evening (June 28): the National Hockey League draft. Elsewhere, radio companies Cumulus Media and iHeartMedia gained 9.
1% and 9.0% this week, respectively, as radio stocks bested other publicly traded music companies on the Billboard Global Music Index. Both Cumulus and iHeartMedia clawed back nearly half of the losses they suffered in the previous two-week period.
After dropping 21.1% from June 7 to June 21, Cumulus finished up at $2.04.
Similarly, iHeartMedia had lost 21.1% in the prior two weeks and finished this week at $1.09.
Townsquare Media, which is not in the Index, rose 9.2% to $10.93, turning its 5% year-to-date loss into a 3.
7% gain. Many radio companies are still having a tough 2024, however, as they slog through a challenging advertising climate. Through June 28, iHeartRadio has fallen 59.
2% and Cumulus is down 61.7%. The Billboard Global Mus.
