Mid-week trading for radio and television companies on Wall Street was largely positive, with Meredith Corp. soaring 9%, to $60.25, as the company easily beat the street with its fiscal Q2 2017 earnings per share.
Cumulus Media jumped out of the red zone with a 5.65% climb, to $1.03, on word that it has extended the early tender date for its previously announced private exchange offer for any and all 7.75% Senior Notes due 2019 to 5 p.m. Eastern on Feb. 13.
Gray Television enjoyed a strong session, ending at $11.60, as did Nexstar Media Group, climbing 2.2%, to $63.50.
Meanwhile, the troubles continue for Spanish Broadcasting System following its Nasdaq delisting and shift to an over-the-counter market as “SBSAA.” Wednesday saw the company’s shares dip 8.24%, to $1.56.
The RBR Radio Index rose 14.655, or 2.49%, to 602.174.
The TVBR Television Index rose 17.837, or 1.88%, to 967.959.
Radio One, up 9.1%
Gray, up 5.9%
Cumulus, up 5.6%
SBS (as “SBSAA”), down 8.24%
Emmis, down 0.6%
Tribune Media, down 0.3%