Another Mixed Session For Media Stocks


Tuesday’s activity on Wall Street was less than pleasant for owners of broadcast media company stock.

The Dow Jones Industrial Average slid 1.4%, with a 344.89-point drop to 23,857.71. The Nasdaq composite index was off 2.9%, with a 211.74-point slide to 7,008.81.

While most media companies were up, some finished the day in the red.

Among the few gainers was Viacom, which saw its Class B shares rise by 2.1% to $30.73 on renewed rumors that talks of a reunification with CBS Corp. are intensifying.

Townsquare Media, which is buying stations and not selling (as some predicted would occur), finished Tuesday’s trading at $7.75, up 2.8%.

Nexstar Media Group saw a needed rebound, rising 2.1% to $66.95.

Beasley Media Group climbed 6.3%, ending at $10.95.

Decliners on Tuesday include Veritone Inc., which lost 7.6% to finish at $13.82.

Entravision lost 2.7% to finish at $4.50.

But, media stocks were largely immune for more steep losses in the tech sector. Twitter tumbled 12.1%, to $28.07, while Netflix slid 6.1% to $300.69.

Pandora fell 2.2%, to finish the day at $5.21.