Thanks to CNBC, Pandora shares shot up 16.1%, to $13.33, on an unsubstantiated report that the streaming audio services provider was newly interested in merger talks with longtime suitor Sirius XM.
The news sent “SIRI” shares down 5.6%, to $4.30. Yet, there was a bigger gain among media stocks in Friday’s trading, and that involves SBS. The Hispanic media company saw a nearly 18% gain, to $4.60 a share.
Why?
The trading came ahead of “Megabash,” a SBS-produced concert on Dec. 2 in Newark, N.J. tied to WSKQ-FM “Mega 97.9” in New York that features superstars Ricky Martin, Enrique Iglesias, Juanes, and Wisin alongside at least five other heavyweight acts in the Latin music world.
Meanwhile, concern continues for Cumulus Media, as the company shed another penny to land at $1.05. There’s also some worry among investors that Viacom may not rejoin with CBS Corp., and VIA shares were down 2.4% to $40.35 on Friday.
The RBR Radio Index rose 18.984, or 3.08%, to 634.484.
The TVBR Television Index fell 6.642, or 0.70%, to 945.275.
Gainers
SBS, up 17.9%
Saga, up 4.9%
Beasley, up 3.2%
Decliners
Fox, down 2.8%
Tribune Media, down 1.8%
Gray, down 1.0%
