U.S. financial indices were in the green on Tuesday, as the Dow Jones Industrial Average gained 431.72, to 24,874.64, and Nasdaq advanced 111.36, to 7,161.65. It was a banner day for several media issues, including Viacom and CBS, which made two key executive announcements that further reshape the company post-Les Moonves.
For Viacom’s Class B shares, a $1.19 climb to $31.65 was seen.
That puts the company’s stock back on a positive path toward $32. Viacom’s Class B shares have been up and down across 2018, surpassing $34 twice in Q1 and hitting $33.76 on Sept. 24.
For CBS, shares climbed $2.11 to $56.24 for a much-needed rebound on news that it has named a President/CEO position for its CBS Global Distribution Group, an individual who will also serve as Chief Content Licensing Officer for CBS Corp.
Further, CBS made waves Tuesday by announcing that 50-year research icon David Poltrack is heading into retirement in June 2019—and an ex-iHeart exec is succeeding him.
ELSEWHERE ON WALL STREET
- Beasley Broadcast Group shares rebounded with a 22-cent gain to $6.65
- Entercom also saw an important rebound, with a 16-cent climb to $6.30
- Entravision shares dipped 6 cents to $4.80
- Salem Media Group stock is again at $3, thanks to a 3-cent improvement