It was a difficult trading session for iHeartMedia, as its shares sank nearly immediately after the Opening Bell and finished down 10 cents, to $1.11. Why? It could be a Dec. 21 report from S&P Global Ratings that calls iHeart’s capital structure “unsustainable,” the Tampa Bay Business Journal reports.
Meanwhile, Beasley Broadcast Group slid 75 cents, to $5.85. Volume was roughly 7.5 times higher than average.
Why? It’s unclear.
However, BBGI shares on Wednesday began trading ex-dividend. A cash dividend payment of $0.045 per share is scheduled to be paid on Jan. 06, 2017, and shareholders who purchased BBGI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 13th quarter that BBGI has paid the same dividend.
The RBR Radio Index fell 13.099, or 2.17%, to 589.636.
The TVBR Television Index rose 1.737, or 0.18%, to 983.007.
Radio One, up 1.7%
Gray, up 0.9%
Entravision, up 0.7%
Beasley, down 11.4%
iHeart, down 8.3%
Salem, down 1.6%