It was a rough Friday for not only Sinclair Broadcast Group but also two of the radio industry’s biggest companies.
Townsquare Media shares were down sharply. Meanwhile, iHeartRadio had a rocky end to the week.
At the close of Friday’s trading on NYSE, Townsquare Media was down 6.4% to $5.30.
Volume was heavy at 109,329 shares; average volume is 19,833 shares.
Year-to-date, TSQ has been a relatively stable issue, with a March 8 dip to $4.78 overcome with a May 10 finish of $6.20.
Should TSQ close at $5.27, it erases a month of gains seen by the local media company.
Townsquare will release its Q2 earnings on Tuesday, August 6.
For iHeartRadio, shares were down 5.9% at the close of Friday’s trading on NASDAQ.
However, trading was below average, suggesting institutional investment activity for the nation’s leading audio company.
Even so, a $14.70 closing priceis the lowest for iHeart since starting to trade as “IHRT” on the Nasdaq Global Select exchange, following its emergence from debtor-in-possession status.
