In midday trading on Wall Street, Wednesday’s magic word for media companies was “mixed.” That’s because Emmis Communications was down 2.1%, while Salem Communications was up roughly 0.8%.
Then came the 1pm Eastern announcement that Entercom would be swapping stations with iHeartMedia, allowing Bonneville International to operate certain stations in San Francisco and Sacramento via an LMA, and agreeing to a cash-and-asset swap with Beasley Broadcast Group in Boston.
At the Closing Bell, Emmis was up 1.7%, finishing at $3.50. But Salem was off 2.3%, to $6.25.
Meanwhile, Entercom stock fell 3.4%, to $10.68, as Beasley shares gained 0.5%, to $9.50.
For iHeart, the “stub” of publicly traded shares fell 3%, to $1.31.
Up and down activity abounded, with Sinclair Broadcast Group off 2% to $31.05 as investors reacted to a somewhat downbeat Q3 report card issued early Wednesday by the company seeking to merge with Tribune Media.
Meanwhile, Townsquare Media was off 1.5%, to $10.28, ahead of its Q3 earnings call set for Tuesday (11/7).
For a live look at how media stocks are trading throughout each business day and a glance at the closing prices after 4pm Eastern, be sure to visit the Wall Street Report on the homepage of RBR.com.