It was an up-and-down trading day on Wall Street Wednesday, as the Dow Jones Industrial Average decreased 69.03, to 20,855.73, while the Nasdaq Composite inched forward 3.62, to 5,837.55.
Sinclair Broadcast Group dipped 1.7%, to $41.60, as the broadcast media company commenced an underwritten public offering of 12 million primary shares of Class A common stock. The company intends to grant the underwriters a 30-day option to purchase up to an additional 1.8 million shares of Class A common stock on the same terms and conditions, and the net proceeds are intended to be used to fund future potential acquisitions and for general corporate purposes. Wells Fargo Securities, J.P. Morgan and RBC Capital Markets are acting as joint book-running managers for the offering. BofA Merrill Lynch, Deutsche Bank Securities, SunTrust Robinson Humphrey, Citizens Capital Markets, Mizuho Securities, MUFG, LionTree and Moelis & Company will act as co-managers of the offering.
Meanwhile, Cumulus Media lost ground again, with a 2.2% decline, to $0.5818. Just after the Closing Bell, the beleaguered broadcast company revealed that it will release its Q4 and full-year 2016 earnings on Thursday, March 16, right after market close. A conference call will be held at 4:30pm Eastern to discuss the results.
Among the gainers on Wednesday were Beasley Broadcast Group, up 8.4%, to $10.35, and iHeartMedia, which gained 1.7%, to $1.22.
Also achieving a nice gain is Viacom, which reached $44 a share thanks to a 2.5% gain.