Strong December Jobs Report Fuels Media Stocks

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A surge in media industry stock values was seen on Friday, largely thanks to a highly positive employment report for December 2018 nevertheless clouded by a partial shutdown of the Federal government.


At the Closing Bell, every media industry-related company tracked by RBR+TVBR but two were up.

The decliners: Veritone Inc. and SBS.

For AI-powered attribution firm Veritone, the losses have been deep and painful, with a 13-cent decline on Friday putting VERI at $4.49.

At Spanish Broadcasting System, shares fell 4 cents to $0.13. That’s no bueno for SBS, which saw activity on Thursday that put its shares down as far as 6 1/2 cents.

Shares have been under $1 since August, with compliance issues for the OTC markets now starting to take shape for SBS.

On the plus side was Beasley Broadcast Group, rising 7.3% to $4.39.

CBS Corp. was also up, climbing 2.3% to $47.17.

A big gain for Cumulus Media was seen, with shares rising 10.5% to $12.15.

An 8.9% jump was enjoyed by Emmis, putting its stock at $3.68.

A 7.2% increase in share value was logged by Entercom, bringing it to $6.44.

Lastly, Townsquare Media continued to surge following this week’s announcement that co-CEO Dhruv Prasad will be leaving the company at the end of the month. TSQ opens Monday’s trading at $5.82, thanks to a 5.1% jump on Friday.

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