Radio and TV companies found themselves swimming in a sea of red on Wall Street today.
That’s not to say all broadcast media companies saw a woeful Wednesday. Beasley Broadcast Group shares rose 65 cents, to $9.25, while Emmis Communications gained 15 cents, to $3.41. The latter jump is an indication Emmis shareholders approve of its sale of KPWR-FM 105.9 “Power 106” in Los Angeles, announced Tuesday.
Also up is Salem Media Group, which saw a 45-cent rise, to $7.80.
Among the key decliners were ABC and ESPN parent The Walt Disney Company and Nexstar Media Group.
CBS Corp. was also off, declining $1.03, to $62.53.
Sinclair Broadcast Group fell $1.90, to $61.50, and that could be due to a dismal Q1 earnings report from its $6.6 billion merger partner, Tribune Media
Tribune shares were down 38 cents, to $41.82.