Broadcasting Stocks

General indices declined on Tuesday, as the Dow Jones Industrial Average dipped by 1.4% to 34,269.16 and the Nasdaq slipped by just 0.09%, to 13,389.43. How did radio and TV industry stocks fare? Action was mixed. Aside from Saga's big surge, Townsquare Media and iHeartMedia were softer. Nexstar grew again.

It's an upsized debt offering from a company pivoting from direct broadcast satellite-delivered cable TV services to a major 5G wireless internet connectivity conveyor. DISH Network has priced an offering of an aggregate principal amount of its Senior Notes due 2029. It is higher than what DISH thought it would be when it announced the offering.

The offering is part of the financing for the proposed business combination of Grupo Televisa with Univision's businesses, announced on April 13.

Three radio station owners released their third quarter earnings reports following Thursday's Closing Bell on Wall Street. One saw digital prowess while its recovery across its streaming and broadcast radio assets came in ahead of expectations: iHeartMedia. In response, its stock soared on Friday. In contrast, Audacy was down on downbeat earnings.

Cumulus Media's first quarter 2021 results, and its sequential improvements, appear to have gotten the seal of approval from some in the investment world. The company's shares were up significantly on Thursday.

A multi-year enterprise partnership agreement has been executed, one that will see Sinclair become the first local television broadcaster to consolidate all sellable assets across its platforms and markets into a single ad sales system, creating a unified brand experience for customers and sellers.

Gray Television and Meredith Corp. each enjoyed big days on Wall Street today, on word that the company buying Quincy Media, Inc., which acquired Raycom Media at the start of 2019, is purchasing Meredith Local Media's 17 broadcast stations.

The owner of NewsNation, former Tribune stations such as KTLA-5 in Los Angeles and WGN-9 in Chicago, and key legacy properties including KOIN-6 in Portland, Ore., is rewarding its shareholders with a hefty quarterly cash dividend.

U.S. financial markets were largely in recovery mode on Friday, after concerns that the Biden Administration would increase capital gains taxes sent general indices down sharply on Thursday. How did media stocks fare?

Concerns about higher capital gains taxes, courtesy of President Biden, fueled a sharp decrease in general indices on Wall Street. Did the Thursday dips include media stocks?

Despite a late-session rally, Audacy shares declined for the second-straight session, putting new scrutiny on a glowing seal of approval on the company formerly known as Entercom from a key Wall Street investor blog.

On April 9, the media company known for more than 50 years as Entercom Communications officially changed its ticker symbol to "AUD" to reflect its new corporate identity, Audacy. On Tuesday, trading in AUD hit a fresh post-rebranding low, bringing it to its lowest price since the first day of March.

The E.W. Scripps Co. will redeem the notes at a redemption price equal to ‎102.563%‎ of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date.

Media companies were largely on the decline in Monday's trading, as Audacy was down 32 cents and Cumulus Media shed 30 cents. For two of broadcast TV's biggest players, Wall Street green was seen.

The first full week of April 2021 ended with up-and-down activity across the broadcast media landscape, as Audacy enjoyed its first day with a new ticker symbol by gaining ground.  For companies such as ViacomCBS however, the pain for short-term investors continues.