Broadcasting Stocks

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.

To little surprise, investors cheered today's transaction involving 21st Century FOX and The Walt Disney Co. by buying shares in both companies. Disney stock jumped by 2.75%, while FOX shares soared by 6.5%. Meanwhile, it was another down session for iHeartMedia on Thursday, as Entercom rebounded with a 4% gain.

It was another difficult trading session for the nation's two largest radio broadcasting companies by number of stations. Cumulus Media's stock reached a new low, while the publicly traded stub of iHeartMedia shares gained 4% in the closing minutes of trading after being down 4%.

Investors reacted negatively to a SEC filing made Monday by iHeartMedia that its iHeartCommunications subsidiary is “currently exploring a possible private capital-raising transaction.” At the Closing Bell on Wall Street Tuesday, the company's publicly traded shares were off 16.7%.

The week started off with ups and downs for media issues on Wall Street today, with Entercom rebounding after a string of small dips and SBS recouping some of its steep Friday losses. Meanwhile, Cumulus shares were down to under 10 cents a share.

While Spanish Broadcasting System (SBS) Chairman/CEO Raul Alarcón Jr. holds the controlling interest in the Hispanic-focused multimedia company, there is a publicly traded "stub" that is very similar to iHeartMedia's "stub" of shares. While iHeartMedia has its share of troubles with lenders regarding its outstanding debt, SBS has had its fair share of financial concerns, too. Now, shareholders may be revolting.

U.S. financial markets propelled forward on Thursday, with the Dow Jones Industrial Average climbing 70.57, to 24,211.48, and the Nasdaq Composite rising 36.47, to 6,812.84. But, media stocks were mixed, with Nexstar rising again but other media companies seeing losses on Wall Street.