It’s another episode of Wall Street Weak for two of the nation’s largest audio media companies.
On a day full of red, both Beasley Media Group and Entercom Communications experienced sharp day-over-day decreases in their respective stock values.
At the Closing Bell on the Nasdaq GlobalSelect exchange, BBGI was down 8.5% to $1.82.
The 17 cent drop puts Beasley shares at their lowest value since April 8 as renewed concerns about the resumption of pro sports weighs heavy on investors — even after two radio industry trade publications offered glowing coverage of WBZ-FM 98.5’s strong ratings in Boston against Entercom’s direct format rival, WEEI-FM 93.7.
For Entercom, shares slid by 8% to $1.38, on slightly lower than average volume.
It ends a rally that saw ETM hit $2.45 one month ago, and puts Entercom shares at their second-lowest closing price since May 19.
Also slumping on Thursday: Nexstar Media Group, off 7.1% to $76.04, also due to possible fears that its recently acquired regional sports networks won’t see the big Q3 bump from live sports initially thought at the start of the third quarter.
