Friday Slump For Media Stocks


Publicly traded radio and TV companies entered the Presidents’ Day holiday weekend on a down note Friday, as CBS Corp. shares retreated from a pre-Q4 earnings release again seen on Wednesday.

At the Closing Bell, CBS was off $1.35, to $55.39, even as most Wall Street observers said the company reported better-than-expected EPS and revenue.

What dinged CBS? A 3% ad revenue decline was singled out by Bloomberg.

Also down: Gray Television (off 47 cents, to $15), Sinclair Broadcast Group (down 95 cents to $36.30), and Nexstar (an 85-cent decline, to $73.25).

Meanwhile, many are asking when iHeartMedia‘s Q4 results will be shared — or if they’re being scrapped as a prepackaged bankruptcy plan nears. As of Friday, no date had been shared by the company — which yet again extended its exchange offers to lenders and noteholders. The Exchange Offers and Consent Solicitations were previously scheduled to expire Friday (2/16) at 5pm Eastern.

They’ll now expire on March 16 at 5pm Eastern — a year and a day after they were first unveiled by iHeart.

As of 5pm Eastern on Valentine’s Day, there was hardly any love for the offer from iHeart:  an aggregate amount of approximately $38.5 million of Existing Notes, representing approximately 0.5% of outstanding Existing Notes, had been tendered into the Exchange Offers.

The investor relations department at iHeart did not respond to RBR+TVBR‘s Friday morning request for a Q4 2018 release date.

The “stub” of publicly traded iHeart shares finished on Friday down a little more than a penny, at $0.5385.