Tech stocks paced a wave of declines on Wall Street Wednesday, as the Chair of the Federal Reserve declined to say whether or not the Central Bank will work to put a kibosh on inflationary pressure. Media stocks were caught up in the dips.
Entravision Communications Corp., which owns radio and TV stations superserving U.S. Hispanic consumers, has determined when it will share its final fourth quarter and full-year 2020 financial results. The announcement came on a highly active day for the company's stock.
Publicly traded radio and television broadcasting companies on Tuesday saw a flurry of highly divergent activity on Wall Street. Meredith Corp., Sinclair Broadcast Group and Entercom were among the key gainers. The decliners range from Saga Communications to Disney and Cumulus Media.
U.S. financial markets enjoyed widespread gains on Monday. But, not every media company took part in the upward activity. TEGNA, which released its Q4 and full-year 2020 results early Monday, saw its shares decline. Radio broadcasting company Townsquare Media, which will report its Q4 and full-year 2020 results in two weeks, was also down from Friday.
Thursday evening's big headline across business media was AT&T's revelation that it will sell a 30% stake in its satellite and terrestrial video services provider business, inclusive of DirecTV. The entity grabbing the stake: TPG Capital. For Moody's Investors Service, this is a credit positive move for AT&T.
Salem Media Group, the media company known for its Christian-themed and conservative Talk radio stations, has selected when it will issue its fourth quarter and full-year 2020 financial results. The announcement came after Salem shares on Wednesday hit their highest closing price since September 2018.
The Board of Directors for the company that owns such key NBC affiliates as WXIA-11 in Atlanta and WGRZ-2 in Buffalo has declared a dividend payable April 1. The news came ahead of the Closing Bell on Wall Street, which saw TEGNA shares reach close to $18 in a positive trading session for the broadcast TV company.
SBS intends to use the net proceeds of this offering along with cash on hand to finally repay its 12.5% senior secured notes due 2017, along with certain other consideration; to repurchase and/or redeem all of its outstanding 10 3/4% Series B Preferred Stock; and to pay related fees and expenses.
The audio media company's shares have enjoyed a slow, steady rebound since sinking to $3.35 at the height of the COVID-19 pandemic some 11 months ago. Now, Cumulus Media will reveal its fourth quarter and full-year 2020 results in exactly two weeks.
It's share price is now higher than where it was before the COVID-19 pandemic ushered in stay-at-home edicts and, with it, a sharp financial downturn on Wall Street, Broad Street and on stock markets across the globe. With that positive momentum, Nielsen Holdings plc's Board of Directors has declared a quarterly cash dividend.
With Tuesday's Closing Bell on Wall Street, Townsquare Media shares are now at their highest price in one year. And, it marks a 157% improvement from the depths of 2020, when the arrival of the COVID-19 pandemic punctured media stocks severely.
Here's the good news: Global advertising spend is expected to grow 5.8% in 2021 as the industry begins to recoup the 8.8% fall in 2020 brought about by the impact of COVID-19. Now, the not-so-great news from Dentsu: digital is expected to account for half of all expenditure for the first time.
It seems Townsquare Media shareholders are thrilled over the news that it is repurchasing at least 10 million of the 12.5 million shares of Class A and Class B common stock — and warrants — held by funds managed by Oaktree Capital Management L.P. With Thursday's Closing Bell on Wall Street, TSQ finished at its best closing price in nearly one year.
Entercom on Monday launched an audio network that includes broadcast radio stations and its Radio.com platform expressly for the sports gaming community. Investors liked the programming move. Tuesday's trading on Wall Street saw ETM climb to its second-highest value in the last 12 months.
Beasley expects to use the net proceeds of this offering to repay in full existing indebtedness under the company’s senior secured credit facilities and certain other indebtedness, with remaining proceeds to be added to the Issuer’s balance sheet and used for general corporate purposes.