Broadcasting Stocks

Surprise! The U.S. economy added 2.5 million jobs in May. This, plus the likely return of NBA and NHL play-by-play in the coming weeks, gave radio industry stocks a much-needed shot in the arm. Friday's Closing Bell found Cumulus Media, iHeartMedia and Entercom all enjoying significant gains. Yet, Beasley Media Group shares were down.

U.S. financial markets were split on Thursday, as the Dow Jones Industrial Average climbed 11.93 points to finish at 26,281.82. The Nasdaq was down 67.10 to 9,615.81. How did media shares fare?

Findings from a survey conducted by Veritone in collaboration with Future Media Entertainment Group suggest a majority of television companies are "embracing" AI and view the technology as "a competitive necessity." Word of the study's findings excited investors, as Veritone stock soared by nearly 10% on roughly twice its average volume. 

Curious as to how Salem Media Group fared financially during the first three months of 2020? You'll have your answer on Monday, following the Closing Bell on Wall Street.

U.S. financial markets roared back in today's trading, as the Dow Industrials improved by 553.16 points to 25,548.27. Nasdaq was up 72.14 to 9,412.36 points, while the S&P500 gained 44.36 points, to 3,036.13.

May 26 was a banner day for Cumulus Media, as investors reacted positively to a short-term shareholder rights plan designed to stave off a hostile takeover by an entity seeking to take advantage of its abnormally low share value. By 2:10pm, shares rocketed as high as $6.32 before cooling off somewhat. Still, a 25.2% gain was seen before a small after-hours dip.

Media stocks were largely on the rise through mid-afternoon on Friday, including Townsquare Media, Sinclair Broadcast Group, Nexstar Media Group, and Cumulus Media. On the other hand, Entercom gave back a third of Thursday's gains. For live in-session trading and Friday's closing prices after 4:10pm Eastern, be sure to visit the Wall Street Report on the RBR.com homepage!

Oh, those finicky investors! One day after dipping to its second-lowest post-bankruptcy low, Cumulus Media shares exploded in heavier-than-usual trading on the Nasdaq Global Select market. Wednesday’s trading session finished with CMLS up by more than 21%.

The ViacomCBS Board of Directors has declared a quarterly cash dividend to holders of both the company's Class A and Class B common stock.

An experimental COVID-19 vaccine from Moderna Inc. has showed promising results in a tiny early-stage trial. But that, and the HEROES Act's House passage, buoyed investors on Monday, with the Dow 30 rising 911.85 points to 24,597.37 and Nasdaq surging 220.27 points to 9,234.83.

It was a pretty ordinary trading session for Entravision Communications. Then, 1pm Eastern came -- and so did a big surge in the media company's stock price. What happened?

The COVID-19 pandemic has brought economic pain to many a broadcast media company. In the case of African American-focused media entity Urban One, it now includes a notice from Nasdaq that its Class D common stock is not in compliance with its listing rule.

Wednesday was a miserable day for Wall Street, as the Dow 30 tumbled by 2.2% and the Nasdaq was down 1.6%. How did media stocks fare? Cumulus Media bounced back from Tuesday's dip with a 7.3% gain. Otherwise, don't ask.

Sinclair Broadcast Group indirect subsidiaries Diamond Sports Group and Diamond Sports Finance Company are moving ahead with a private exchange offer for any and all of the issuers' outstanding 6.625% Senior Notes due 2027 for newly issued 12.750% Senior Secured Notes due 2026 — and a cash payment on the terms.

Cumulus Media released its Q1 2020 financial results on Monday, which RBR+TVBR was first to report. Did the audio media company's first three months of the year meet the expectations of analysts polled by Zacks? Unfortunately, no. Did this propel CMLS to finish Tuesday's trading at a new post-bankruptcy low?