U.S. financial markets started the month of May with a meh sort of trading session, as the Dow Jones Industrial Average dipped 27.05 points, to 20,913.46, and the Nasdaq Composite index gained 44 points, to 6,091.60.
Among the key media stocks making moves — and capturing headlines — on Monday is Tribune Media Co. Trading as “TRCO” on the NYSE, Tribune saw its shares soar 6%, to $38.75, in today’s trading on word that 21st Century Fox is teaming up with New Yor-based giant investment house Blackstone Group to put in a bid for Tribune.
Tribune Media is set to report its Q1 results before the Opening Bell on Wall Street on Wednesday, May 10.
The bid comes on word that Sinclair Broadcast Group‘s offer for all or part of Tribune Media is still in the mix. Investors, however, may believe the Rupert Murdoch-led Fox and Blackstone have the upper hand already. At the Closing Bell, SBGI shares dipped 2.7%, to $38.40.
Sinclair also revealed on Monday that it got a bit of labor news from one of its O&Os in the Mountain West in mid-April.
On April 14, its CBS and CW affiliates in Boise, Idaho — KBOI-2 and KBOI-2.2, respectively — received official notice from the National Labor Relations Board (NLRB) that it had certified the results of an April 5 secret ballot election to de-certify the International Alliance of Theatrical Stage Employees (IATSE) Local Union 99. As a result, IATSE is no longer the exclusive representative of the employees in that bargaining unit. A majority of employees who voted elected to no longer have representation by IATSE.
DISH Network experienced a mild dip in shares on Monday, falling 2.4%, to $62.93, as the company revealed in its Q1 2017 results that it lost approximately 25,000 net broadband subscribers, bringing its broadband subscriber base to approximately 555,000.
Call it a penalty for a string of high-profile retransmission fee disputes — with such heavyweights as Hearst and Gray Television joining the just-sold Bonten Media and Cox Media Group as TV station owners who have accused DISH of playing hardball on new deals.
DISH’s Q1 revenue dipped to $3.68 billion, from $3.83 billion. Subscriber-related revenue in the quarter fell to $3.64 billion, from $3.78 billion.
Net income attributable to DISH Network totaled $376 million in Q1 (76 cents per diluted share), falling from $400 million (86 cents per share) from the year-ago quarter.
DISH beat the street with its net income but missed the mark on revenue: Thomson Reuters I/B/E/S analysts’ consensus were earnings of 69 cents per share on revenue of $3.78 billion.
TODAY’S OTHER WALL STREET MOVES:
- Discovery Communications dipped 2.8%, to $27.98, on heavier-than-normal volume.
- Spanish Broadcasting System (SBS) shares are recovering and closed at 92 cents, up 3.3%.
- Nexstar Media Group was down 2.9%, to $67.
- iHeartMedia was off 2.3%, to $2.10.
- Cumulus Media rebounded with a 22.8% gain, to 35 cents.
For a full look at today’s stocks with easy-to-view charts, visit the Wall Street Report on the homepage of RBR.com.