Sinclair, Tribune Dip On Word Of Meredith Nix


U.S. financial markets were largely down on Tuesday, but Sinclair Broadcast Group and Tribune Media each fell following RBR+TVBR’s report that the intended $65 million sale of a TV station it is divesting was scrubbed by the U.S. Department of Justice.

The intended buyer’s stock was also down.

For SBGI, shares dipped 3.1% to $30.05. However, in immediate after-hours trading Sinclair shares rebounded by 23 cents, to $30.28.

For TRCO, a 2.9% dip to $36.86 came with the Closing Bell on Wall Street.

As far as Meredith Corp. stock, a 1.6% decrease puts shares at $49.25. That’s a level not seen by the company since mid-October 2016 — well before its acquisition of Time Inc.

Also on Tuesday:

  • iHeartMedia is now trading as “IHRTQ” and its shares finished the day at 33 cents, falling 2 cents.
  • Beasley Broadcast Group was down 45 cents, to $10.70.
  • CBS Corp. shares fell 48 cents, to $51.52, as the company confirmed that intends to challenge National Amusements Inc.’s effort to dilute a vote held Thursday evening that would greatly reduce the company’s voting stake in the media company.
  • Entercom shares dipped 10 cents, to $7.65, as the pure-play continues to struggle on Wall Street following the release of its Q1 earnings report.