A Friday Fall For Wall Street


U.S. financial markets ended the week on a down note Friday, as the Dow Jones Industrial Average dipped 76.35, to 21,674.38, while the Nasdaq Composite index slipped 5.39, to 6,216.53, after being in positive territory for much of the day.

Among the key movers among media companies was Salem Media Group, which experienced a 1.5% decline, to $6.40.

Also falling on Friday was Grey Television, dipping 1.6% to $13.88, and the “stub” of iHeartMedia shares, which fell 2.2%, to $1.76 as the company late Thursday extended for another time its private offers to holders of its five series of priority guarantee notes and its senior notes due 2021. They will now expire on Sept. 8, 2017, at 5pm Eastern.

Meanwhile, post-IPO struggles continue for Veritone Media. The company’s shares fell 4.1%, to $7.87, for its lowest price since going public May 7, when it was at $13.07.

For a complete look at Friday’s closing prices, be sure to visit the RBR+TVBR Wall Street Report, found on the homepage of RBR.com.

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Adam R Jacobson is a veteran radio industry journalist and advertising industry analyst with general, multicultural and Hispanic market expertise. From 1996 to 2006 he served as an editor at Radio & Records.