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2004: Tough year for TV stocks
Political and Olympic revenues filled the coffers of TV companies in 2004, but investors are always trying to look ahead, so most TV stocks fell in 2004 as Wall Street anticipated slower growth in the future. Of the 35 TV stocks in TVBR's daily chart, only 11 were up for the year and not one of them was a pure-play TV group owner. Disney rose 19% as ABC Television finally found a couple of hits and Michael Eisner announced plans to leave Disney following an unsuccessful hostile takeover bid by Comcast and a shareholders revolt which saw a 43% vote against Eisner. News Corporation gained 6% as it relocated from Australia to the US. Granite Communications was the worst performer, falling 75% as Don Cornwell sought to reorganize the company's holdings. As Bud Paxson struggled to find a new buyer to replace NBC and to win digital must carry, Paxson Communications fell 64%.
2004 television company stock performance
|
Television
Company
|
12/31/03
Close
|
12/31/04
Close
|
2004
Net Chg
|
2004
Pct Chg
|
|
ACME
|
8.78
|
7.01
|
-1.77
|
-20.16%
|
|
Belo
|
28.34
|
26.24
|
-2.10
|
-7.41%
|
|
Clear Channel
|
46.83
|
33.49
|
-13.34
|
-28.49%
|
|
Disney
|
23.33
|
27.80
|
4.47
|
19.16%
|
|
Emmis
|
27.05
|
19.19
|
-7.86
|
-29.06%
|
|
Entravision
|
11.10
|
8.53
|
-2.57
|
-23.15%
|
|
Fisher
|
50.51
|
48.88
|
-1.63
|
-3.23%
|
|
Fox
|
29.15
|
31.26
|
2.11
|
7.24%
|
|
Gannett
|
89.16
|
81.70
|
-7.46
|
-8.37%
|
|
General Elec.
|
30.98
|
36.50
|
5.52
|
17.82%
|
|
Granite
|
1.65
|
0.41
|
-1.24
|
-75.15%
|
|
Gray (common)
|
15.12
|
15.50
|
0.38
|
2.51%
|
|
Gray, Cl. A
|
15.17
|
14.15
|
-1.02
|
-6.72%
|
|
Hearst-Argyle
|
27.56
|
26.38
|
-1.18
|
-4.28%
|
|
Jefferson-Pilot
|
50.65
|
51.96
|
1.31
|
2.59%
|
|
Journal
|
18.53
|
18.07
|
-0.46
|
-2.48%
|
|
Liberty Corp.
|
45.19
|
43.96
|
-1.23
|
-2.72%
|
|
LIN Television
|
25.81
|
19.10
|
-6.71
|
-26.00%
|
|
McGraw-Hill
|
69.92
|
91.54
|
21.62
|
30.92%
|
|
Media General
|
65.10
|
64.81
|
-0.29
|
-0.45%
|
|
Meredith
|
48.81
|
54.20
|
5.39
|
11.04%
|
|
New York Times
|
47.79
|
40.80
|
-6.99
|
-14.63%
|
|
News Corp.
|
18.05
|
19.20
|
1.15
|
6.37%
|
|
Nexstar
|
13.71
|
9.22
|
-4.49
|
-32.75%
|
|
Paxson
|
3.85
|
1.38
|
-2.47
|
-64.16%
|
|
Saga
|
18.53
|
16.85
|
-1.68
|
-9.07%
|
|
Scripps
|
47.07
|
48.28
|
1.21
|
2.57%
|
|
Sinclair
|
14.98
|
9.21
|
-5.77
|
-38.52%
|
|
Time Warner
|
17.99
|
19.45
|
1.46
|
8.12%
|
|
Tribune
|
51.60
|
42.14
|
-9.46
|
-18.33%
|
|
Univision
|
39.69
|
29.27
|
-10.42
|
-26.25%
|
|
Viacom, Cl. A
|
44.27
|
37.08
|
-7.19
|
-16.24%
|
|
Viacom, Cl. B
|
44.38
|
36.39
|
-7.99
|
-18.00%
|
|
Wash. Post
|
791.40
|
983.02
|
191.62
|
24.21%
|
|
Young
|
20.04
|
10.56
|
-9.48
|
-47.31%
|
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