The first day of the second quarter of 2021 started out on a highly positive note for radio and TV stocks. Only one of the companies RBR+TVBR regularly tracks was down. That's more sour news for that lone decliner: ViacomCBS.
While iHeart and several TV companies had a strong day, it was another difficult day for Cumulus. Emmis also saw a share decline.
It was a strong start to the week for much of Wall Street on Monday, as the Dow Jones Industrial Average jumped 183.67, to 20,636.92, and the Nasdaq Composite gained 51.64, to 5,856.79 while Canadian and U.K. markets were closed for the Easter Monday bank holiday. It wasn't such a strong start for Cumulus Media, however.
Beasley Broadcast Group shares jumped 10.7%, while DISH Network stock gained on continued chatter regarding a possible merger with Amazon, which is close to $1,000 a share, or Sprint.
While the overall markets were up, it was a bruising session for Spanish Broadcasting System (SBS), which today released a statement repudiating the recent claims made by SAG-AFTRA regarding alleged anti-union actions purported to have been undertaken at its radio facilities in Los Angeles.
U.S. financial markets finished Monday's trading on a tepid note as Wall Street looked toward Houston, and the potential impact of flooding on various publicly traded companies. The Dow Jones Industrial Average inched downward by 5.27 points, to 21,808.40. The Nasdaq composite was up 17.37, to 6283.02, while the S&P 500 was up 1.19 to 2444.24. Key movers among media companies were Townsquare Media and Saga Communications.
Investors are once again expressing confidence in a solid Wall Street performer that recently became the newest pure-play radio broadcasting company in the U.S. After a shaky summer that saw its shares dip from $49.25 on June 1 to $37.75 on July 24, Saga Communications is clawing back toward the $50 range.
The publicly traded "stub" of iHeartMedia shares took a beating on Wall Street today, sliding to 60 cents in midday trading before settling with a 6.6% dip, to 85 cents. Why the sharp drop for iHeart? On Wednesday, just before the Thanksgiving Day holiday, it extended -- yet again -- the deadline for participation in its Term Loan Offers, Exchange Offers and Consent Solicitations. Meanwhile, Entercom went ex-Dividend today. We have all of the details.
In late December 2017, Beasley Broadcasting Group shares moved past the $14 mark. Since then, BBGI shares had been on the retreat. That ended today, thanks to a 3.9% gain that puts BBGI stock above $13 once again - and near its all-time peak levels.
U.S. financial markets ended the week with a bang on Friday, as the Dow Jones Industrial Average soared 347.51 points, to 25,309.99, and the Nasdaq composite index surged 127.31 points, to 7,337.39. Widespread gains were seen across the media landscape — although Beasley Media Group, Salem Media Group and Pandora had a down day. Meanwhile, what's up with iHeartMedia?
U.S. financial markets moved downward on Wednesday, as the Dow Jones Industrial Average fell 218.55 to 24,189.45. The Nasdaq composite index lost 25.27, ending the day’s trading session at 7,069.03.
Friday, June 1, will be the final day that The E.W. Scripps Co. will see its stock bought and sold on the New York Stock Exchange. Come Monday, June 4, the company's shares will be on a different exchange. For investors, Scripps hopes the shift will be seamless and transparent -- the company's ticker symbol is staying as is.
U.S. financial markets dipped again, with the Dow Jones Industrial Average diving 165.62 points to 24,117.59. The Nasdaq composite index declined by 116.54, to 7,445.08. While Saga Communications gained 27 cents to $38.25, and Urban One rose 5 cents to $2.25, the majority of media issues were down.
If you own stock in radio industry pure-play Saga Communications, you might want to take note of a change that's set to begin on Thursday, August 16. Not to worry — you probably won't notice anything out of the ordinary, aside from the exchange your shares will soon be traded on.
With the exit of CEO Les Moonves amid new sexual misconduct allegations the talk of the business world, Moody's Investors Service chimed in with its take on what's in store for CBS Corporation and its stock holders.