Three Media Companies Escape Coronavirus-Fueled Market Meltdown


There are several reasons to be somber today, from the public memorial of Kobe Bryant and daughter Gianna at Staples Center to news regarding a conviction of Harvey Weinstein in his sexual assault trial.

Then, there is Wall Street, which saw the Dow Jones Industrial Average slid a whopping 3.6% — 1,031.61 points — on fears of the coronavirus, which is now crippling Milan and much of Lombardia, Italy.

Yet, three radio broadcasting companies had positive trading sessions to start the week.

With the Dow now at 27,960.80 and the Nasdaq slumping 3.7%, or 355.31 points, to 9,221.28, Monday’s trading was one that could be remembered in future years as one of Wall Street’s worst.

The E.W. Scripps Co. shed 9% of its stock’s value, ending the day at $12.35.

Meredith Corp. stock shrank by 4.1%, to $29.73.

Then, there is Beasley Media Group, which saw its shares plummet by 11.9% to $3.42 — a 46-cent dip.

In contrast, Townsquare Media rose 6 cents to $9.60, while Saga Communications — another media company heavily invested in small and mid-sized markets where Coronavirus fears may be smaller — saw its shares climb by 15 cents, to $30.50.

The third company to see a jump is one with a much smaller imprint than ever — Emmis Communications. The Indianapolis-centric company that owns Digonex saw its shares move ahead by 7 cents, to $3.85, for a 1.9% gain on a dismal day for most companies.