A Weak End For Media Stocks


Broadcast media companies limped into the weekend on Friday, as the Dow Jones Industrial Average slipped 2.53, to 21,394.76, and Nasdaq climbed 28.56 points, to 6,265.25.

Among radio companies, Urban One — the company formerly known as Radio One — experienced a 9.1% share drop, ending the day at $2.

Shares for iHeartMedia dropped 5.9%, to $1.60, as the company late Thursday extended for a seventh time the deadline for participation in a somewhat complex series of private offers to its bondholders— exchange offers and consent solicitations for each issue of existing notes originally set to expire on April 14.

Why has iHeart extended the expiry date yet again, to July 7?

As of 5pm Wednesday (6/21), just 0.6% of the outstanding existing notes have been tendered … the same percentage as seen in early June.

In other activity, Beasley Media Group was down 1.6%, to $9.25, while Entercom advanced 2.5%, to $10.25.

Topping the climbers on Friday was Pandora, which continued its rebound with a 6.2% gain, to $8.28.

For a complete look at Friday’s closing prices please visit the Wall Street Report on the homepage of RBR.com.