A Mid-Week Rebound For Media Stocks


U.S. financial markets closed Wednesday trading on a high note, as the Dow Jones Industrial Average soared 143.95, to 21,454.61, and Nasdaq advanced 87.79, to 6,234.41.

Media stocks enjoyed upward momentum on Wall Street, with Tribune Media climbing 0.8%, to $41.02, and Sinclair Broadcast Group rising 2.4%, to $33.75, on a report that divestments in as many as 10 markets could be seen to get Federal approval of the merger.

Meanwhile, Pandora shares continued their rebound in the wake of co-founder Tim Westergren’s Tuesday departure as CEO and a member of Pandora’s board of directors. At the Closing Bell, “P” was up 5.1%, to $8.92.

Other stocks rising on Wednesday include that of Saga Communications. One of the radio industry’s strongest publicly traded performers, SGA shares rose 2.8%, to $47.20.

Lastly, the troubles continued for iHeartMedia, as its Pink Sheet shares were off 6.2%, to $1.46.

For a complete look at today’s closing prices and a live look at media company share values across each trading session, be sure to visit the Wall Street Report on the homepage of RBR.com.