A Red Day For Media Stocks


It was a decent day on Wall Street for Emmis Communications and its head, Jeff Smulyan.

The company’s shares closed up 3%, to $4.15, to continue a healthy growth streak that began on Feb. 22, when EMMS shares were at $3.31.

Unfortunately, that’s the lone positive news regarding media stocks, aside from a 1-cent climb for SBS shares to 32 cents. Everyone else was down.

Some of the drops were significant. For AI firm Veritone Inc., shares slumped again, sliding 21.1% to a paltry $14.27 — wiping out all of the gains since late August 2017 the company had enjoyed.

The other major dip came from Townsquare Media, which suffered a 6.8% loss in share value with a 51-cent dip to $7.01. It’s a step in the wrong direction for Townsquare, which saw its stock dip to $6.55 as recently as Feb. 5.

The decline in share value came as the company announced that its Q4 and full-year 2017 results will be released before the March 13 trading session begins on Wall Street. Company leaders will discuss the results in an 8am Eastern conference call.

Also down is Beasley Media Group, which lost 7% of its value with a 80-cent decline to $10.70.

Meanwhile, 21st Century Fox shares were down 3%, to $37.63, despite a big legal win in New York for its Fox News division.

See the homepage of RBR.com for more, and to view our full Wall Street Report.