A Tremendous Surge For iHeart As Snap Stumbles


U.S. financial markets saw mixed movement on Thursday (3/16), as the Dow Jones Industrial Average slipped 15.55, to 20,934.55, and the Nasdaq composite inched ahead 71 cents, to 5,900.76.

Media stocks were up and down, overall. Tribune Media dipped 3%, to $37.29, while Nexstar Media Group shed 0.7% of its share value, finishing at $68.80. Gray Television was also down, falling 2.5%, to $13.80.

Ahead of the release of the company’s Q4 and 2016 full-year results, which were lackluster, Cumulus Media slipped 0.6%, to 58 cents.

But, the big gainer was iHeartMedia, which climbed an impressive 43.4%, to $2.05, on Thursday. Why? A big reason is likely its highly complex series of private offers to its bondholders announced yesterday, which was warmly received by stockholders on Wednesday.

The largest decliner? Snapchat parent Snap Inc., which lost another 4.2%, to end the day at just $19.89.