Broadcasting Stocks

U.S. financial markets closed the week at an all-time high, with the Dow Jones Industrial Average soaring 217.71, to 25,292.84. The Nasdaq composite index was up 58.64, to 7,136.56. Unfortunately, media stocks largely failed to ride on the coattails of the overall market growth seen in the first week of 2018. Among the decliners in Friday's trading are The E.W. Scripps Co.

"It's the same old song, but with the same exact meaning since you've been gone." To the surprise of no one, iHeartMedia on Thursday yet again extended the deadline for participation in its term loan offers and exchange offers crafted on March 15, 2017.

U.S. media stocks continued their up-and-down movement on Thursday, with Beasley Broadcasting Group pacing advancers. The radio industry pure-play enjoyed a 4.9% gain, pushing it back toward its all-time highest levels seen in late December.

Overall gains on Wall Street seen Wednesday failed to include many broadcast media companies, with Nexstar Media Group falling sharply on very high trading volume before rebounding slightly in immediate after-hours trading. Also sliding was Sinclair Broadcast Group.

U.S. financial markets were on their way to finishing 2017 on a down note Friday, as investors looked to cash in and earn a few extra dollars ahead of new taxation laws set for 2018.

It was a quiet Thursday on Wall Street, as the Dow Jones Industrial Average climbed 61.90, to 24,836.20. The Nasdaq composite index improved by 10.82, to 6,950.16. Among the key media movers was Townsquare Media and Urban One. Both companies lost ground today.

U.S. financial markets finished Wednesday's trading on a positive note, with the Dow Jones Industrial Average climbing 28.09, to 24,774.30, and the Nasdaq composite index inching ahead 3.09, to 6,939.34. Media companies did not fuel the growth. Many saw dips in their stock value, including Salem Media Group.

It's shaping up to be a bruising end to 2017 for several publicly traded media companies. Yet, with three days to go before the start of 2018 trading on Wall Street, two prominent radio broadcasting companies' shares stand out amid a sea of red-colored trading activity. One company sees its shares now worth mere pennies in value. Another radio company has also seen its stock plummet to never-before-seen lows.

Today's big slide in share value for the "stub" of iHeartMedia stock wasn't the only big dipper investors can see ahead of Christmas Eve. Cumulus Media stock was off by some 16% just before 2pm Eastern, sending shares downward to their lowest-ever value.

The latest extension of the deadline for participation in the private offers to lenders under iHeartMedia subsidiary iHeartCommunications' Term Loan D and Term Loan E facilities to amend the existing loan terms came late Thursday, pushing into 2018 an offer that's been on the table for nine months. Investors reacted negatively in mid-afternoon trading on Friday, ahead of the Christmas Day holiday, sending iHeart shares down 34.2% as of 1pm Eastern.

Spanish Broadcasting System (SBS) suffered another downward move on Wall Street in Thursday's trading, finishing the day's session with a 8.6% drop. Meanwhile, Cumulus Media and iHeartMedia shares were unchanged. How did other media companies fare today?

With a 4.8% dip in trading on Wednesday, Cumulus Media shares stand at exactly $0.079. Meanwhile, SBS shares sank to just 17 cents while Pandora dipped to a new low. How did other media companies fare on Wall Street? Click here for the details.

Don't look now, but long-term investors in Beasley Broadcast Group shares may be ready to have an extra glass of champagne come New Year's Eve. As of today, the company's stock is at a five-year high.

The publicly traded "stub" of iHeartMedia stock fell again in Monday's trading. At the Closing Bell, it reached a new low on lighter-than-average trading volume. Pandora, SBS, and Salem also had difficult starts to the week on Wall Street.

Media stocks ended the week on a largely positive note, aside from SiriusXM, which saw a deep dive on Wall Street as investors reacted to a rate hike in royalty fees for the satcaster. Among the gainers: Beasley, Entercom, and Gray Television.