Are Media Stocks Spooked By Disney?

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U.S. financial markets tumbled on Tuesday, with the Dow Jones Industrial Average sliding 234.35, to 21,753.31 and the Nasdaq Composite index dipping 59.76, to 6,375.57.


While worries regarding North Korea’s most recent tests of a weapon of mass destruction could be impacting the global financial markets, media stocks are down and some believe it is tied to The Walt Disney Co.‘s aggressive acceleration of a shift to streaming TV, led by its ESPN unit.

The parent of ABC Television saw its stock gain 7 cents, to $101.57, while several big broadcast TV companies slumped on Wall Street.

Sinclair Broadcast Group was off by 65 cents, to $29.70; TEGNA declined by 30 cents, to $12.52; and Viacom slid $1.09 a share, to $27.43.

Also off: CBS Corp., which Zacks says is a good “value investor” pick. CBS shares fell by 69 cents, to $63.65.

For radio companies, Entercom — the company acquiring CBS Radio — had a stellar day, rising 20 cents to $10.35 as the 2017 Radio Show opened in Austin. Also up on Tuesday was Beasley Media Group (climbing $.10, to $10.45).

Meanwhile, Veritone Media hit a new post-IPO high, soaring 73 cents, to $17.04.

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


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