Not only do lots of broadcasters use facilities owned by American Tower Corporation, but some RBR-TVBR readers may still own stock in the company, since it was originally spun off from a radio company. The shares took a hit on Friday due to an SEC investigation.
American Tower disclosed that on Thursday (6/2) it received a subpoena from the SEC “requesting certain documents from 2007 through the present, including in particular documents related to the Company’s tax accounting and reporting.” No further details of the investigation were revealed.
“The Company intends to cooperate fully with the SEC with respect to its request,” American Tower said.
American Tower shares fell 5.8% on Friday to close at $51.26.