Wednesday was a miserable day for Wall Street, as the Dow 30 tumbled by 2.2% and the Nasdaq was down 1.6%.
How did media stocks fare? Cumulus Media bounced back from Tuesday’s dip with a 7.3% gain. Otherwise, don’t ask.
The RBR+TVBR Index was awash in red, with The E.W. Scripps Co. suffering another big dip in value, falling 11.4% to $6.95. Even Nexstar Media Group, one of the TV sector’s strongest performers, was swept up amid new economic concerns, falling 8.3% to $68.78.
On the radio side of the media business, iHeartMedia shares dipped by 33 cents to $6.07.
For Salem Media Group, a 12.5% decline — to just $0.70 — was seen.
Then, there is Entercom, where a 11.7% decline pushed shares under a dollar once again. ETM finished the day at $0.9532.