Friday’s action on Wall Street was marked with sales, as investors opted to cash in on recent improvements from some of the radio and TV industry’s key players.
At iHeartMedia, shares fell 6.9%, to $1.22, after the company enjoyed a nice improvement for the week.
Meanwhile, Nexstar Media Group dipped 1.4%, to $70, while Meredith Corp. declined 1.6%, to $62.70.
Sinclair Broadcast Group shares were off 3.9%, to $41.25, as investors reacted negatively to the company’s pricing of an underwritten public offering of 12 million primary shares of Class A common stock at a price to the public of $42. The underwriters have a 30-day option to purchase an additional 1.8 million shares of Class A common stock on the same terms and conditions.
Other decliners include Townsquare Media, off 4.5%, to $10.07, and Viacom, off 1.6%, to $43.73.