Media’s Terrible Tuesday For Broadcast TV Owners


U.S. financial markets slid on Tuesday, as the Dow Jones Industrial Average dipped 61.85, to 21,467.14, while Nasdaq dropped 51.10 points, to 7,472.71.

While streaming audio company Pandora stemmed its steep slide in its stock value seen in recent days with a 1.6% rebound, to $7.02, and iHeartMedia gained 2.9%, to $1.80, all media stocks fell—some sharply.

Beasley Media Group shares dipped 5%, to $10.45, while Cumulus Media declined by 8.3%, landing at 40 cents.

Nexstar Media Group was off 5.4%, to $58.85, while Sinclair Broadcast Group slid 5%, to $33.05.

Other big broadcast TV companies suffered strongly on Tuesday, with The E.W. Scripps Co. sinking 4.9%, to $17.39, and TEGNA falling 5.2%, to $14.47.

The stock declines come following ad forecasts that indicate radio and TV broadcast companies will be seeing strong revenue declines against digital media.

For a complete look at today’s closing prices, please visit the homepage of Our Wall Street Report features a stock ticker updated continuously during every business day!