Small but steady gains were seen on Wall Street Tuesday, as the Dow Jones Industrial Average improved 37.87, to 20,090.29. Nasdaq grew 10.66, to 5,674.22. Among the key gainers among media companies was Spanish Broadcasting System, which continued its rebound with a 33-cent jump, to $1.80. By comparison, iHeartMedia climbed to $1.12 with a five-cent gain, and Cumulus Media slipped to $1.13 with a three-cent decline.
The Walt Disney Co. dipped 57 cents, to $109, after the company said its diluted earnings per share fell 10%, to $1.55. While that beat Wall Street estimates of $1.49 per share, Disney revenue dropped 3% in fiscal Q1 2017 to $14.78 billion, compared to the year-ago period. Wall Street analysts expected Disney to see $15.27 billion in revenue during the quarter.
Gray Television was off a dime, to $11.95, after it completed its previously announced refinancing of its Revolving Credit Facility and Term Loan B through entry into the third amendment and restatement of its senior credit facility. This refinancing, which did not increase Gray’s total outstanding indebtedness, is expected to reduce cash interest expense by approximately $3.8 million annually.
The RBR Radio Index rose 13.851, or 2.34%, to 605.583.
The TVBR Television Index fell 1.122, or 0.11%, to 982.609.
SBS, up 22.4%
iHeart, up 4.7%
Entravision, up 2.9%
Entercom, down 3.5%
Saga, down 2.2%
Fox, down 1.9%