Media Stocks End The Week Mostly In The Red


U.S. financial markets finished the week on another mixed note, as the Dow Jones Industrial Average fell 22.81 points, to 20,896.61. The Nasdaq Composite was up 5.27, to 6,121.23.

Among the key media movers was Nexstar Media Group, which wrapped up a brutal week with another dip — this time, a $2.40 fall, to $59.10.

Nexstar shares touched $63.70 during Monday’s trading, and it has been a slightly bumpy week for the company. Volume was roughly double the normal of 588,445 shares. Investors could be concerned that Nexstar needs to make a bigger move than it did when it acquired Media General, given this week’s announcement from Sinclair Broadcast Group that it is buying Tribune Media.

Entercom slipped 10 cents, to $10.10, ahead of an announcement that its board of directors has approved a quarterly dividend of $0.075 per share. The dividend is payable on June 15 to shareholders of record as of the close of business on May 26.

Overall, media companies were in the red, as seen below.