Broadcasting Stocks

News Corporation on Friday shared the news that its Board of Directors, following the receipt of letters from K. Rupert Murdoch and the Murdoch Family Trust, has formed a Special Committee to begin exploring a potential combination with Fox Corporation.

They were listed as Director nominees in Cogeco's information circular dated November 14, 2022. Now, the Montréal-based company has announced that each of these nominees were elected as a Cogeco director during its annual shareholders meeting, held in-person on Friday. 

Investors on Thursday opted to sell their shares in the nation's No. 1 radio station owner and audio content creator and distributor in large fashion. Just after 11am Eastern, IHRT was down nearly 20% in value. At the closing bell, IHRT completed the trading session off 17% from Wednesday.

With the release on Friday morning of Cumulus Media's second quarter 2023, the audio content creation and distribution company enjoyed a share surge that put CMLS, which trades on the Nasdaq, at $5.54. On Monday, shares saw further improvement, putting Cumulus in a strong position.

The board of directors at the top owner of broadcast TV stations has declared a quarterly cash dividend, payable the Monday following the Thanksgiving Day holiday. The decision comes as Argus Research again adjusted its 1-year target price on the company's stock, which has taken a battering in recent weeks.

A Board Director of broadcast TV station owner Sinclair Inc. has notified the SEC of the disposition of a significant amount of shares in the company, netting hundreds of thousands of dollars from the sale.

Pandora Premium, previously accessible via invite only, is now available to all listeners via the App Store and Google Play. That didn't seem to excite investors, as shares in "P" were off 1.6% in trading Tuesday. Also down again: Cumulus Media.

U.S. financial markets returned from the Memorial Day holiday to see the Dow Jones Industrial Average dip 50.81 points to 21,029.47. Nasdaq was down 7 points, to 7,526.51. Key movers include Cumulus Media, Saga Communications, and Sinclair.

It was a banner day for Netflix, with its shares rising 13.5% on boffo subscriber improvements during Q2. It wasn't such a great day for iHeartMedia, which saw it shares dip 8.6% on word that it is mulling a counteroffer on a deleveraging plan which would relinquish equity—something it has been resistant to until now.

It was bruising Thursday trading session for publicly traded television companies, and the Mouse House may have them trapped in a downward spiral under the spell of nervous investors. That's because The Walt Disney Co. is reportedly set to cut 300 jobs from ABC, and O&O stations are a part of the downsizing plan.

U.S. financial markets once again ended on a high note, as the Dow Jones Industrial Average climbed 42.21, to 22,872.89. Nasdaq was up 16.30, to 6,603.55. Media stocks were once again mixed, with Fox falling following investor concerns that it will lose viewers to the 2018 FIFA World Cup now that the U.S. has crashed out of the qualifying stage for the tournament.

It's been a great month for Nexstar. In the past 30 days, the company's stock has sharply rebounded. As of midday Wednesday, its shares are just shy of its six-month high.

It was a decidedly down day for media stocks once again on Tuesday, with several companies losing ground from Monday's close. However, Sinclair Broadcast Group and Salem Media Group enjoyed gains.

TEGNA shareholders will be getting a small bonus soon, as the company's Board of Directors on Thursday declared a dividend of 7 cents per share.