U.S. financial markets gyrated significantly once again on Tuesday, as the Dow Jones Industrial Average jumped ahead 389.17 points, to 24,033.36. Nasdaq gained 71.16, to 6,941.28.
For media stocks, it was mostly a rebound session. However, Viacom‘s Class B shares suffered from more unsubstantiated reports about a reunification from CBS Corp. — this one claiming that CBS today made an all-cash offer with a valuation below its current stock price.
With that CNBC report, Viacom shares slid 3.7%, to $29.42, while CBS gained 4.3%, to $52.87.
CBS’s special committee wants CBS CEO Les Moonves and COO Joe Ianniello to lead the company, the sources told the financial news network.
However, Viacom and CBS controlling shareholder Shari Redstone favors Viacom CEO Bob Bakish, CNBC reports.
In other action:
- Beasley Media Group shares climbed 2.2%, to $10.52.
- Nexstar Media Group saw a much-needed rebound, with a 30-cent jump to $64.35.
- Pandora continued to swoon, along with other tech stocks, and declined by 3.2%, to $4.64.
- Snap Inc. dipped 2.6%, to $14.08.
- Netflix‘s stopped its significant slide in share value with a 1.2% rebound, to $283.67.