Publicly traded broadcast TV companies experienced a tough session on Wall Street Thursday. Is CBS Corp. Chairman/CEO Les Moonves to blame?
Moonves appeared on CNBC, and also at the Goldman Sachs Communacopia conference in New York, and touted CBS Sports’ delivery methods, focus on scores and news, and NFL football.
The result? CBS shares were off 3.9%, to $58.17.
Meanwhile, Nexstar Media Group was off 3.3%, to $57.05, on heavier than normal trading of roughly 1.15 million shares. Average volume for NXST is 691,480 shares.
Sinclair Broadcast Group, which intends to merger with Tribune Media, slid 4.4%, to $27.20, also on heavier than normal trading volume of 3.9 million shares; normal trading volume for SBGI is 1.69 million shares.
Losses also bled over to the radio broadcasting sector, with Townsquare Media off 1.4%, to $10.01; Saga Communications tumbling 3.4%, to $42.45; and Cumulus Media losing two more critical cents, ending at 37.5 cents.
There were gainers on Wall Street, however.
Beasley Media Group improved by 3%, to $12, and Veritone Media rebounded 14.3% to finish at $28.54, just shy of $28.70 record high seen on Tuesday (9/12).
For a complete look at today’s closing prices on Wall Street, please visit the Wall Street Report on the homepage of RBR.com.
