Broadcasting Stocks

Media stocks were largely in the red on Friday. Why? Federal Reserve Chair Jerome Powell said the Fed would more than likely move forward with additional interest rate hikes in the coming months. This would tighten credit for many households, and has the potential for layoffs.

As of the date of his passing on August 19, Ed Christian held approximately 65% of the combined voting power of Saga's common stock, based on Class B Common Stock generally being entitled to 10 votes per share. As a result, Christian was generally able to control the vote on most matters submitted to the vote of stockholders and, therefore, was able to direct nearly all Saga management and policies. With Christian's passing, here's what is transpiring with respect to his Saga shares.

The No. 2 and No. 3 individuals in the C-Suite of America's largest television broadcasting company in the U.S. are presently gearing up for a fireside chat Q&A session scheduled for September 7 at the BofA Securities Media, Communications and Entertainment Conference.

On a trading day when nearly everything was in the red at the Closing Bell, Saga Communications shares soared in heavy trading on Monday. The gains came following the announcement that the radio industry pure-play's founder had died on Friday, and a succession plan is in place. On Tuesday, the climb continued.

There was nary a climber on Wall Street as the week came to a close, with Comcast's 7 cent increase to $38.68 and Hemisphere Media Group's 19-cent jump to $7.27 the lone improvements for media stocks on Friday. Audacy Corp. was lower once again as it faces a NYSE stock delisting for failure to comply with minimum price standards.

Entravision, the global digital ad solutions company with roots in the U.S. Hispanic broadcast space, is gearing up for a presentation at the 13th annual Midwest IDEAS Investor Conference.

The Dow Industrials fell 171.69 points to finish the day at 33,980.32. The Nasdaq was off by 164.43 points, to 12,938.12. Salem, Saga and Beasley were the lone gainers, as most media stocks were down.

U.S. financial markets saw divergent activity on Wednesday, as the Dow Jones Industrial Average climbed 239.57 points to 34,152.01 as the Nasdaq dipped by 25.50 points, to 13,102.55. For media stocks, the mood was mixed too.

SiriusXM released second quarter 2022 results that were "in line" with Pivotal Research Group Principal and Internet/Media/Communications Analyst Jeffrey Wlodarczak's assessment of the nation's satellite radio purveyor. It reiterated its full-year financial guidance while offering "an unsurprising reduction" in its 2022 self-pay net additions forecasts. How did Wlodarczak respond?

Wall Street hasn't been kind to Audacy Corp. in recent months, and Friday proved to be no exception to the company formerly known as Entercom. With the Closing Bell on July 29, Audacy shares ended the month at a level last seen in October 2008. That's not good, as the company readies its Q2 2022 earnings report.

The Board of Directors for the nation's largest licensee of broadcast television stations — and WGN-AM in Chicago — has asked its shareholders to approve an amendment to its corporate charter that would directly impact the board itself. The request comes concurrent to word that the Nexstar Media Group board has OK'd a new share repurchase program and has declared a rather generous quarterly cash dividend.

Salem Media Group plans to report its second quarter 2022 financial results after U.S. financial markets close on August 4. What can investors expect to hear from the company growing its podcast division and building out an OTT-delivered video news channel?

What a way to start a new month. The second quarter financial results for the audio media company with an investment in eSports will be distributed on Monday, August 1, before the Opening Bell on Wall Street.

The biggest audio content creation and distribution company has selected the date and time for its release of its second quarter 2022 fiscal results.

Those are the words Netflix decided to use to describe its fiscal health across the three-month period ending June 30, as net income improved — as did net cash provided by operating activities. Is this the much-needed shot in the arm that not only Netflix, but every OTT-based video transmission service, desires? One analyst says no, and thinks Microsoft should buy Netflix in 2024 or 2025 should the White House gain a Republican President open to big mergers.