Publicly traded media companies finished the trading week with a whimper, as a second request for the Department of Justice in regard to Entercom‘s Reverse Morris Trust-fueled tax-free merger with CBS Radio put a damper on CBS Corp. shares.
The request caused concern among CBS investors, with CBS shares dipping $1.83, to $66.83, for a 1.8% fall on Friday at the Closing Bell.
Meanwhile, Cumulus Media‘s woes continued, with a 2-cent decline to $0.23 a share.
Concerns at iHeartMedia also put a dark cloud over trading on Friday, with shares dipping 14 cents, to $2.75, as the company on Thursday provided the SEC a preliminary look at its Q1 2017 results — and saying “there will be substantial doubt” as to its ability to continue as a going concern for a period of 12 months from the date of the formal release of its Q1 2017 results.
Nexstar Media Group gained 30 cents, to $69.10, as the company announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share of its Class A common stock.
The dividend is payable on Friday, May 26, 2017, to shareholders of record on Friday, May 12, 2017.
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