With much chatter surrounding the future of television, thanks to an impasse between MVPD Charter Communications‘ Spectrum service and The Walt Disney Company, investors are expressing their nervousness over a day when retransmission consent revenue could evaporate for over-the-air TV.
Both Gray Television and The E.W. Scripps Co. were the companies that saw Monday stock depreciation, following big dips on Friday from the likes of Nexstar Media Group.
For Gray, a 7% decline to $7.26 per share was seen, pushing GTN closer to the bottom of a five-year trend that saw sub-$7 prices in May and June for the broadcast TV station owner.
Meanwhile, Scripps stock fell by 8.9% to $6.51, reaching a fresh five-year low on heavy volume of 1.08 million shares. Average volume for SSP, which trades on the Nasdaq, is 330,574 shares.
Shares in Scripps were as high as $15.74 in early February 2023.
