Could the Third Circuit Court of Appeals’ decision to nix cross-ownership rules designed to help broadcast media and newspaper companies be a harbinger of tough times ahead for some companies?
Investors may already be concerned, with iHeartMedia shares down 5.5% on Monday.
As word filtered out about the court ruling, which remands the Commission’s cross-ownership rule rewrite, iHeart’s intra-day share value slipped to $13.88 after opening strong and jumping to $14.86.
At the Closing Bell, iHeart was off 5.55% to $13.95.
What about other big radio broadcasting companies?
Entercom shares were down 5 cents, to $3.53.
Beasley Broadcast Group stock was flat, at $3.06.
Salem Media Group shares dipped by a dime, to $1.53.
There were gainers, however, and Townsquare Media was one of them. TSQ rose a penny to $7.09, continuing a strong resurgence in shares for the local media company.
