Rocky Thursday For Radio, TV Stocks

0

It pays to be flat. Saga Communications reported its Q1 2017 earnings today, and minus political advertising, the company saw its revenues largely unchanged from the same period one year ago.


This, along with the announcement of a quarterly dividend payment, helped SGA shares rise 1.5% on Thursday (5/4), to $51.

Meanwhile, Tribune Media grew 0.5%, to $39.60, as investors continued to speculate as to whether 21st Century Fox or Sinclair Broadcast Group would be entering into a merger and acquisition deal with the Chicago-based broadcast company.

Also up ahead of its Q1 earnings release is CBS Corp., which saw shares climb 0.6%, to $63.82.

Otherwise, it was another downbeat day for media stocks, with Radio One sliding 7%, to $2.65, on a tough Q1 report. Viacom‘s Class B shares were also down 7%, to $36.46. Nexstar gave back 2.6%, finishing at $62.30, while Gray Television finished the day at $12.85, off 4.5%.

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. At 5:25pm Eastern, he then appeared on CNBC, sharing his thoughts on why investing in broadcast and cable media was against his advisement.

For a full look at today’s closing prices, please visit the Wall Street Report on the homepage of RBR.com.


LEAVE A REPLY

Please enter your comment!
Please enter your name here