The media company that didn’t see a reunification with CBS Corp. suffered a bruising session on Wall Street Friday. Viacom shares tumbled 13.8%, to $30.22, on word that subscribers to its cable TV networks will fall by roughly 3% in Q3. That sour news clouded an otherwise good Q2 that saw Viacom beat the Street.
Volume was much heavier than normal, with 24.2 million shares traded; average volume is 5.4 million shares.
The slide for Viacom dwarfed dips for Sinclair Broadcast Group (-1.6%, to $31.40), and Entravision (-3.2%, to $6.10).
For a full look at Friday’s closing prices for media stocks, please visit the Wall Street Report on the homepage of RBR.com.