Sinclair Broadcast Group shares dipped again on Wednesday, as investors learned of RBR+TVBR‘s exclusive report that a $65 million sale of KPLR-11 in St. Louis to Meredith Corp. has been derailed by the U.S. Department of Justice.
At the Closing Bell, shares of SBGI were off 3.5%, to $29.
With a 1-year target estimate of $50, Sinclair shares are heading in the wrong direction and on May 3 saw a fall to $27.03. With today’s drop, investors may be concerned that Sinclair will touch its lowest point since October 2016, when shares were near $25.
Sinclair shares in March 2017 topped out at $40.15.
Meredith stock was also down, slipping 1.3% to $48.60. That’s the lowest price for MDP shares since October 2016, and marks a dip from a high of $71.65 seen on Dec. 4, 2017.
How did other media stocks fare? View the Wall Street Report at RBR.com for a quick look!