U.S. financial markets ended the week with a bang on Friday, as the Dow Jones Industrial Average soared 347.51 points, to 25,309.99, and the Nasdaq composite index surged 127.31 points, to 7,337.39.
Widespread gains were seen across the media landscape — although Beasley Media Group, Salem Media Group and Pandora had a down day.
Starting with the gainers, CBS improved 78 cents to $55.10, as Viacom‘s Class B shares were up 81 cents, to $33.74.
Tribune Media rose 17 cents, to $13.76, while The E.W. Scripps Co. advanced by 30 cents, to $15.16.
Also up: Nexstar Media Group, with a 50-cent improvement to $73.20.
Pandora dipped 22 cents, to $4.31, despite a largely positive Q4 earnings report.
Salem was down 18 cents, to $4.33.
Beasley dipped 20 cents, to $11.25.
Meanwhile, what’s up with iHeartMedia? The biggest news out of the beleaguered debt-laden media company on Friday was the addition of Bon Jovi to the roster of performers at the 2018 iHeartMedia Music Awards.
The stub of its publicly traded shares dipped 2 cents, to 52 cents, in Friday’s trading following a widely disseminated report from Bloomberg noted that iHeart’s senior lenders “are preparing to pitch a new term sheet to junior bondholders in an attempt to unite all the creditor groups behind a common proposal as time runs out for the radio giant’s debt restructuring.”
Bloomberg cited “people with knowledge of the conversations.”
A pre-packaged Chapter 11 restructuring plan is expected from iHeart by February 28; the company has not responded to RBR+TVBR queries as to whether or not it intends to move forward with the release of its Q4 2017 financial results.
