Radio and TV companies found themselves swimming in a sea of red on Wall Street today. Get a good look at how publicly traded media companies fared by looking at our all-new stock ticker in our Wall Street Report, found on the homepage of RBR.com!
Tuesday's trading was full of ups and downs for media companies, as the Dow Jones Industrial Average declined by 36.50 points, to 20,975.78. The Nasdaq Composite index improved by 17.93, finishing at 6,120.59. Among the day's key movers was Emmis Communications, as investors cheered the company's announcement that it was exiting Los Angeles by agreeing to sell KPWR-FM "Power 106" to Meruelo Media.
With today's blockbuster media merger that sees Tribune Media getting gobbled up by Sinclair Broadcast Group, Tribune stock soared while competitors such as Nexstar Media Group declined in Monday's trading on Wall Street.
Media companies rebounded on Friday to end the week on a positive note after getting pounded in trading on Wednesday and Thursday. The losses came in reaction to a MoffettNathanson report that pointed to massive "cord-cutting" in U.S. homes. This compounded weak Q1 earnings results from a host of publicly traded radio and TV broadcast companies.
Publicly traded radio and TV companies have experienced a decline in share value as a result of MoffettNathanson LLC's Craig Moffett releasing an investor report on Wednesday highlighting a sharp decline in pay-TV subscriptions. The dips continued today for most companies. Saga Communications is flying high, and so is Tribune.
Media stocks drowned in a sea of red on Wednesday, as a host of publicly traded media companies saw deep drops in their stock value. Among the key movers was Cumulus Media, which sank by 25.6% to finish the day at 29 cents a share. Also off ahead of tomorrow's release of their Q1 2017 earnings results is iHeartRadio.
It was a down day for two big broadcast TV companies, as CBS Corp. and Nexstar Media Group each saw respective declines on Wall Street Tuesday (5/2). In contrast, on the radio side, Cumulus Media and iHeartMedia each saw respective rebounds.
Among the key media stocks making moves -- and capturing headlines -- on Monday is Tribune Media Co. The Chicago-based entity saw its shares soar on word that 21st Century Fox is teaming up with New York-based giant investment house Blackstone Group to put in a bid for Tribune. That could put Sinclair out of the mix. Meanwhile, DISH shares slumped after seeing a subscriber dip and net revenue miss in Q1.
U.S. financial markets ended the final trading day of April on a downbeat note, as Beasley Broadcast Group suffered an 8.4% dip, to $13.15, and Entravision Communications saw a 3.5% decrease in its share value, to $6.18.
U.S. stocks showed little movement on Thursday, as the Dow Jones Industrial Average improved 6.24, to 20,981.33, and the Nasdaq composite increased by 23.71 points, to 6,048.94. Among the media companies seeing downward momentum are Entercom and Emmis.
Cumulus Media and iHeartMedia each saw all-important climbs in their respective stock values on Wednesday, as the Dow Jones Industrial Average dipped 21.03, to 20,975.09, and the Nasdaq Composite slipped 0.27 points, to 6,025.23.
It was a monumental Tuesday trading session on Wall Street, as the Nasdaq Composite index climbed above the 6,000 mark, finishing up 41.67, to 6,025.49. The Dow Jones Industrial Average improved 232.23, to 20,996.12. Beasley Broadcast Group surged 10.7%, to $16.55, pacing all media stocks.
According to Reuters, a group of iHeartMedia’s lenders has signed a “cooperation agreement” to oppose a debt restructuring agreement proposed by the nation’s No. 1 owner of AM and FM radio stations. That news was met with a negative reaction from its shareholders on Monday, as IHRT's OTC Pink shares slid 23.6%.
Publicly traded media companies finished the trading week with a whimper, as a second request for the Department of Justice in regard to Entercom's Reverse Morris Trust-fueled tax-free merger with CBS Radio put a damper on CBS Corp. shares.
It was a stellar Thursday on Wall Street for most major issues, as the Dow Jones Industrial Average climbed 174.22, to 20,578.21, and the Nasdaq Composite was up 53.74, to 5,916.78. But, the troubles continues for Spanish Broadcasting System as Cumulus Media stemmed its downward trajectory and Beasley Broadcast Group and Emmis Communications each enjoyed strong sessions.