Media Stocks Slide As COVID-19 ‘Second Wave’ Fears Rise


Record cases in Florida. Closed bars in Texas. The novel coronavirus’ spread continues in the Sun Belt, and that’s worrying Wall Street.

The Dow Industrials fell 2.8% on Friday, as the Nasdaq index was down 2.6%.

How did media stocks fare?

The varying degrees of down would be a good description for the woes of radio and TV companies.

Townsquare Media shed 7 cents, finishing at $4.48.

Sinclair Broadcast Group was down $1.57 to $16.80, for an 8.6% decline.

Down 8.3% on Friday: iHeartMedia, finishing the week at $9.02.

For Entercom and Beasley Media Group, increased concern over a loss of sports revenue may have further escalated losses for the company’s stocks on Friday. ETM was down 17.1% to $1.3350, while BBGI was off 16.1%, to $2.34.