Pandora Media on Thursday announced that it would trim 7% of its U.S. employee base, but also said that it expects to exceed its previously announced Q4 2016 revenue and adjusted EBITDA guidance ranges, thanks to “robust advertising revenue performance.” That led investors on Friday to buy shares in P, sending them up 6.3%, to $12.76.
Viacom shares rebounded 1.3% on Friday, to $42.80, even as the company took a $115 million impairment charge on what’s expected to be a huge bomb at the Box Office: Monster Trucks, a film that opened Jan. 13. The film’s plot involves a high school student who encounters a monster that climbs into his truck, and supercharges it. The film’s budget was roughly $125 million, according to The Wall Street Journal. Early estimates have the film earning $9 million through the Dr. Martin Luther King Jr. holiday on Jan. 16.
Other industry players enjoying gains on Wall Street on Friday include Beasley Broadcast Group, up 2.9%, to $7, and Emmis Communications, which climbed 3.6%, to $3.45.
The RBR Radio Index rose 4.996, or 0.83%, to 603.678.
The TVBR Television Index fell 4.690, or 0.48%, to 975.099.
Emmis, up 3.6%
Salem, up 2.4%
Entercom, up 2.0%
Sinclair, down 2.3%
Nexstar, down 2.0%
Radio One, down 1.8%