The first Monday of March 2017 saw publicly traded media companies finish with a whimper, as the Dow Jones Industrial Average dipped 51.37 to 20,954.34. The Nasdaq Composite lost 21.58, to 5,849.18.
The focal point of investor attention was again on Cumulus Media. The No. 2 owner of AM and FM radio stations by number of properties saw its stock slip 4.9%, to 57 cents, on volume that was slightly higher than its average. The company has not yet set a release date for its Q4 and FY2016 operating results.
Entercom shares were down 1.3%, to $15.15, while Emmis Communications was off 3.9%, to $2.49.
Also seeing downward momentum: Spanish Broadcasting System, which slid 7%, to $1.07, as it continues to show volatility since its Nasdaq de-listing and shift to an Over-the-Counter exchange.
On a positive note, Sinclair Broadcast Group improved 3.4%, to $42.70, while Tribune Media Co. advanced 1.8%, to $38.02. The reason? Rumors of a possible deal between the two companies continued.
Beasley Broadcast Group increased by 6.25%, to $9.35, and Netflix leaped another 2%, to finish at $141.94.
Meanwhile, Snap Inc. slid 12.3%, to $23.77, to fall below their IPO strike price. There was no immediate word on the downward activity for the parent of Snapchat.