Two television stocks are among the numerous additions announced for the Russell 3000 Index, a highly regarded barometer of small cap stocks. Nexstar and Media General are slated to join the index on June 25th.
The Russell Indexes are often referenced by institutional investors for index funds and are used as benchmarks for both passive and active investment strategies. Inclusion in the various Russell Indexes is determined by market capitalization.
The index is reconfigured annually. With the rebound in broadcasting stock prices in the past year it is hardly surprising that some of them are joining or rejoining the Russell 3000. While only two TV stocks are in the list, a half dozen radio stocks are being added.