Another Mixed Monday For Media Stocks
Up and down. That’s how radio and TV companies fared on Wall Street in the first Monday trading session of 2017. The Dow Jones Industrial Average dipped 76.42, to 19,887.38, while the Nasdaq Composite index improved 10.76, to 5,531.82.
Among the gainers is Viacom, which rose 55 cents, to $41.80. That’s a $3.30 jump since Dec. 30. Saga Communications continued its recent up-trend, jumping ahead another 30 cents, to $50.85. On the down side was CBS Corp., which shed 81 cents, to $63.48. Discovery Communications dipped 61 cents, to $26.87.
Tribune Media Co. fell 56 cents, to $37, on news that management is exploring a possible maturity extension amendment for all or a portion of its outstanding $2.35 billion term loan indebtedness (as of Sept. 30, 2016) and $300 million revolving credit facility; and a possible increase in the aggregate principal amount of its revolving credit facility, under its existing senior credit agreement.
If consummated, the terms of the maturity extension amendment and revolving credit facility increase will be disclosed upon completion. For the avoidance of doubt, the consummation of the maturity extension amendment and revolving credit facility increase is subject to further consideration and ultimate approval by Tribune Media’s board of directors.
The RBR Radio Index rose 0.211, or 0.03%, to 603.011.
The TVBR Television Index fell 9.608, or 0.98%, to 970.795.
Salem, up 3.3%
Emmis, up 2.5%
Cumulus, up 1.9%
Radio One, down 6.7%
Sinclair, down 2.4%
SBS, down 2.6%
Filed Under Broadcasting Stocks