Radio’s Biggest Owners Defy Big Wall Street Dip


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.