It's clear from the light volume that this is still not the radio stock people are focusing on. ETM is. But, over time, especially as risk aversion fades on the Street, people will realize there's more opportunity in a $3 radio stock selling at 4x future earnings, than a $12 stock selling at 10x future earnings....even if the former one is more leveraged.
Radio stocks, across the board, are going to return to being the TREMENDOUS cash machines they have been, historically, over the next few years. You just have to figure out how much of that accrues to shareholders, or is accruable to shareholders, and just how quick the debt paydowns can be, to realize that CMLS higher relative debt than ETM doesn't mean a hill of beans (from a negative perspective). But for those who want to wring their hands about a "double dip," I guess it does.