Mixed Trading For Media Stocks
It was an up day for the major indices on Wall Street Tuesday, but media shares saw mixed activity among investors.
Cumulus Media fell 5 cents, to $1.29, while Saga Communications dipped 50 cents, to $48.10 after several recent gains. Meanwhile, Beasley Broadcasting Group enjoyed a 35-cent gain, to $6.35, while The Walt Disney Co. improved 70 cents, to $99.67.
Nexstar and Media General were also up on news that the ACA wants FCC approval of their merger to come following the end of its broadcast spectrum auction.
The RBR Radio Index rose 0.661 or 0.10%, to 641.970.
The TVBR Television Index rose 10.337, or 1.10%, to 950.578.
Beasley, up 5.8%
Gray, up 3.1%
Tribune Media, up 2.8%
Cumulus, down 3.7%
Radio One, down 1.7%
Salem, down 1.6%