TV Stocks Sink On Political Ad Estimate Dips
U.S. stocks inched higher Tuesday as investors wait for upcoming decisions from central banks. Radio and Television did not follow the market, with both posting losses. TV stocks, in particular, were hammered due to lower guidance on political advertising revenue.
The RBR Radio Index fell 5.690, or 0.89%, to 635.768.
The TVBR Television Index fell 32.678, or 3.60%, to 876.286.
iHeart, up 1.6%
Radio One, up 1.3%
Emmis, up 0.7%
Gray, down 9.4%
Sinclair, down 9.4%
Tribune, down 4.5%