Don't panic ... or, try not to. Media stocks slumped along with general indices on a frightful Friday for Wall Street. Another dip was seen for Beasley. That said, only CBS, Tribune Media and Emmis saw gains, and the losses were ugly.
Thursday proved to be another disastrous day on Wall Street for Beasley Broadcast Group. Trading as BBGI, the radio broadcasting company's stock slid 5% on low trading volume. It puts Beasley shares back to where they were in June 2016.
It's been a rough month on Wall Street for AI-powered audio attribution firm Veritone Inc. The company's stock continues to trade at all-time lows. On Wednesday, a 10.3% dip was registered even as a new pact with Univision was announced. Why? A law firm is investigating potential claims against the Veritone board for a previously unannounced proposed company sale.
Shareholders of record on February 25, 2019 will be notified of the meeting and will be eligible to vote.
CBS Corp. has just scored a big cash payment for the sale of its 25-acre site in the heart of the Fairfax District. Thanks to a definitive agreement announced following Monday's Closing Bell on Wall Street, CBS Television City is being acquired by local real estate developer Hackman Capital Partners.
The Dow Jones Industrial Average shed another 2.2% in value on Friday, while Nasdaq dipped by 3.1%. How did media issues fare? Townsquare Media was down again, while Beasley and Entercom were on the rise.
When it comes to the overall action on Wall Street and that of radio station owner Beasley Broadcast Group, there seems to be a bit of divergence. Early Thursday, with financial markets down sharply, Beasley was in positive territory. Then, the market started to rebound. Beasley shares promptly headed southward.
When the U.S. financial markets reopen from Wednesday's Federal holiday in observance of the funeral of former President George H.W. Bush, will two broadcast media companies heavily involved with radio station ownership see their stock values move forward?
U.S. financial markets tumbled ahead of a Federal holiday closure Wednesday, in observance of the funeral of former President George H.W. Bush. The Dow was off 3.1%, while Nasdaq was down 3.8%. Most radio and TV companies were also in decline.
It's a bad time to be an owner of Beasley Broadcast Group shares, even as the company's Board of Directors has declared a quarterly cash dividend of $0.05 per share of its Class A and Class B common stock. Monday's trading saw BBGI slide to a level not seen since August 2016.
With iHeartMedia seeking to win approval of its Chapter 11 exit plan a week from Tuesday, a company that has already emerged from debtor-in-possession status -- Cumulus Media -- has been struggling on Wall Street. So has Beasley, and both were down on Friday.
It was a tale of two industries on Wall Street today, as Nexstar Media Group broke the $80 mark once again with a healthy gain. At the same time, shares for the No. 2 commercially licensed owner of radio stations -- Cumulus Media -- dipped to another post-bankruptcy low.
The wild Wall Street rollercoaster ride that's perhaps more intense than the Coney Island Cyclone roared on Wednesday, as the Dow Jones Industrial Average soared 617.70 points to 25,366.43, and Nasdaq climbed by 208.89 points, to 7,291.59. Radio and TV issues rose. But, Entercom was left out of the gains.
Tuesday's Closing Bell on Wall Street brought some not-so-positive news to investors in Cumulus Media. Come tomorrow morning, CMLS will be opening at its lowest price since it began the resumption of trading on July 30.
If you're a holder of Salem Media Group shares, there's a small bit of news: You're due to receive a cash dividend for Q4 on December 21. Here's the bad news: Salem shares are at a nearly seven-year low. Entravision and Beasley were also beastly on Monday.