With today’s blockbuster media merger that sees Tribune Media getting gobbled up by Sinclair Broadcast Group, Tribune stock soared while competitors such as Nexstar Media Group declined in Monday’s trading on Wall Street.
Tribune enjoyed a $2.10 gain, to $42.40, while Sinclair shares slipped 83 cents, to $36.13
Nexstar investors reacted by selling off their shares, sending the company’s stock down $2.05, to $61.20.
CBS Corp. was also impacted on the news that Sinclair was buying Tribune Media, creating the largest broadcast TV station owner in the U.S. CBS shares were down $1.83, to $63.37.
Meanwhile, Saga Communications — owner of TV stations in Joplin, Mo., and Victoria, Tex., saw its stock dip 20 cents, to $50.80.
Rumors are already swirling that Saga is set to spin these television stations, given the newly energized marketplace seen from the return by the FCC in late April of its “UHF discount.”
Please visit the homepage of RBR.com and our Wall Street Report for a full look at how today’s media stocks fared.