Tuesday saw another difficult session for the majority of publicly traded media companies on Wall Street, as the Dow Jones Industrial Average fell 29.58, to 20,924.76, and the Nasdaq Composite dipped 15.25, to 5,833.93.
The lone media companies to see positive momentum were Tribune Media Co., which enjoyed a 2.8% jump, to $39.09; Beasley Broadcast Group, which soared 6.7%, to $9.55; and Cumulus Media, which finally stemmed its dramatic stock slide with a 4.2% improvement, to $0.595 cents.
Key industry decliners include Sinclair Broadcast Group, off 0.9%, to $42.30, and iHeartMedia, down 3.2%, to $1.20.
But the big news concerns a major music streamer: Pandora Media. The company’s stock dipped 6.5%, to $11.66, after Liberty Media CEO Greg Maffei noted Monday at the Deutsche Bank Media, Internet and Telecom Conference that Pandora stock was “overvalued” and that he couldn’t consider making an offer that would have married Pandora with Liberty’s Sirius XM satellite radio operation.
Another big tech company also had a bruising session on Wall Street: Venice, Calif.-based Snap Inc. The parent of Snapchat suffered a 9.8% drop in share value, to $21.44. The fall in share value comes amid growing investor concern that the digital media darling faces significant growth challenges in the months ahead.