The parent company of Nickelodeon, BET, MTV and Comedy Central saw a much-needed boost in its beleaguered stock price on Friday, as Viacom’s Class B shares rebounded 5.8%, to $26.
Viacom shares closed at a five-year low on Thursday, amid concerns that cord-cutting — and an impasse with Charter Communications’ Spectrum systems — would lead to big losses in the weeks ahead.
Also up: Sinclair Broadcast Group, which jumped ahead 3%, to $30.55.
Meanwhile, the “stub” of publicly traded iHeartMedia shares slid by 9.3%, to $1.36, while Cumulus shares finished the week at 32 1/2 cents.
For a full look at Friday’s closing prices, please visit the Wall Street Report at RBR.com’s homepage.