There was a lot of mixed action for broadcast media stocks on Wednesday.
Companies including CBS Corp., Emmis Communications and Nexstar Media Group are hot.
CBS enjoyed a 3% rise, to $58.20, rocketing to its best finish since Feb. 1 as the company continues to stave off efforts by National Amusements Inc. and Shari Redstone to exert its control over the company’s future — and that of Viacom.
Viacom’s Class B shares grew 3.1%, to $30.24.
Meanwhile, there’s perhaps no radio company stock hotter than that of Emmis right now. The company’s shares jumped 2.2%, to $5.47, for their best finish since July 2015.
Emmis’ fiscal 2019 Q1 results are expected to be released between July 11-16.
Meanwhile, companies such as iHeartMedia and Salem Media Group are not so hot at the moment with investors.
For iHeartMedia, its debtor-in-possession ‘IHRTQ’ listing dipped a penny to 29 cents per share on Wednesday.
The dip came after a Texas bankruptcy court judge on Tuesday approved a bonus incentive plan for the company’s key executives that the U.S. Trustee sought to halt.
At Salem Media Group, shares fell 5 cents to $4.40 — a backwards move for a stock that appeared to be on a growth spurt after falling to a low of $3.15 on April 30.
One year ago, SALM shares were valued at $7.35.