With Tuesday’s Closing Bell on the NasdaqGS exchange, The E.W. Scripps Co. enjoyed a 2% gain.
It’s another slow and steady improvement from May 3, when SSP shares hit a recent low.
And, it comes as Scripps begins to restructure itself as a media company free of any radio stations in its holdings.
On June 20, SSP rebounded to $14.31, and today’s close puts Scripps shares back in growth mode following a slip to $10.77 in early May.
That dip was part of a mini-slide for Scripps that began in late January, when SSP was a $16.83 stock.
However, a more long-term look at Scripps shows that this was a peak seen after a November slip to the $14.50 range.
On July 24, 2017, Scripps shares were valued at more than $20 per share.
The big drag on SSP is likely its radio division, which was put up for sale in January. On Monday, RBR+TVBR reported that Scripps had agreed to sell its one AM and four FMs in Tulsa to Griffin Communications for $12.5 million.
RBR+TVBR has been told that the sale of Scripps’ Tucson and Boise, Idaho stations is near, which could further fuel a rise in SSP.
The Griffin transaction is expected to close by the end of 2018.
How did other media companies fare today? Visit the Wall Street Report at RBR.com for a complete look!