Radio’s Biggest Owners Defy Big Wall Street Dip

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U.S. financial markets declined on Wednesday as investors expressed concern about U.S. growth forecasts not being as strong as they’d hoped for.


The Dow Jones Industrial Average was off 2%, dipping 538.09 points to 26,034.95, while the Nasdaq was off by 1.6%, sliding 123.44 points to 7,785.25.

Among media stocks on the decline were Viacom’s Class B shares, off 3.2% to $23.19.

Townsquare Media also suffered, sliding 40 cents to $6.48 after a recent trip above $7 per share.

TEGNA was down 2.4%, to $14.83, while Nexstar Media Group tumbled 3.1% to $98.67.

However, it was not all gloom and doom for radio stocks: iHeartMedia was up 2.3% to $15.33, and Cumulus Media managed a 1.5% gain, to $15.17.

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