Media Stocks Slide As COVID-19 ‘Second Wave’ Fears Rise

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Record cases in Florida. Closed bars in Texas. The novel coronavirus’ spread continues in the Sun Belt, and that’s worrying Wall Street.


The Dow Industrials fell 2.8% on Friday, as the Nasdaq index was down 2.6%.

How did media stocks fare?

The varying degrees of down would be a good description for the woes of radio and TV companies.

Townsquare Media shed 7 cents, finishing at $4.48.

Sinclair Broadcast Group was down $1.57 to $16.80, for an 8.6% decline.

Down 8.3% on Friday: iHeartMedia, finishing the week at $9.02.

For Entercom and Beasley Media Group, increased concern over a loss of sports revenue may have further escalated losses for the company’s stocks on Friday. ETM was down 17.1% to $1.3350, while BBGI was off 16.1%, to $2.34.

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