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Broadcast stocks still in doldrums

Three quarters of the way through 2005, investors remain sour on radio and TV stocks, with very few exceptions. The way to make Wall Street happy, it appears, is to sell assets. Of the 35 TV stocks that TVBR follows, a grand total of four were in positive territory for 2005 through the end of September. The big mover was Emmis, which rose 15.2% - - all quite recently - - not because of its operating performance, but because it bought back a huge chunk of its stock and sold off most of its TV group (with the rest of the sell-off coming soon). Likewise, Liberty Corporation jumped to a 6.7% gain after it agreed to sell its entire TV group to Raycom. The other two are up for reasons having nothing to do with their TV holdings - - Scripps because of its fast-growing cable networks business and McGraw-Hill because of its education business. Ominously, two TV stocks have fallen into penny stock hell this year (below five bucks a share) - - ACME and Young - - with Nexstar in danger of joining them. For yet another quarter, read 'em and weep.

Television
Company

12/31/04
Close

9/30/05
Close

2005
Net Chg

2005
Pct Chg

ACME

7.01

3.89

-3.12

-44.51%

Belo

26.24

22.86

-3.38

-12.88%

Clear Channel

33.49

32.89

-0.60

-1.79%

Disney

27.80

24.13

-3.67

-13.20%

Emmis

19.19

22.10

2.91

15.16%

Entravision

8.53

7.87

-0.66

-7.74%

Fisher

48.88

46.56

-2.32

-4.75%

Gannett

81.70

68.83

-12.87

-15.75%

General Elec.

36.50

33.67

-2.83

-7.75%

Granite

0.41

0.39

-0.02

-4.88%

Gray (common)

15.50

10.59

-4.91

-31.68%

Gray, Cl. A

14.15

9.90

-4.25

-30.04%

Hearst-Argyle

26.38

25.69

-0.69

-2.62%

Jefferson-Pilot

51.96

51.17

-0.79

-1.52%

Journal

18.07

14.90

-3.17

-17.54%

Liberty Corp.

43.96

46.89

2.93

6.67%

LIN Television

19.10

13.95

-5.15

-26.96%

McGraw-Hill

45.77

48.04

2.27

4.96%

Media General

64.81

58.01

-6.80

-10.49%

Meredith

54.20

49.89

-4.31

-7.95%

New York Times

40.80

29.75

-11.05

-27.08%

News Corp.

19.20

16.50

-2.70

-14.06%

Nexstar

9.22

5.73

-3.49

-37.85%

Paxson

1.38

0.45

-0.93

-67.39%

Saga

16.85

13.30

-3.55

-21.07%

SBS

10.56

7.18

-3.38

-32.01%

Scripps

48.28

49.97

1.69

3.50%

Sinclair

9.21

8.87

-0.34

-3.69%

Time Warner

19.45

18.11

-1.34

-6.89%

Tribune

42.14

33.89

-8.25

-19.58%

Univision

29.27

26.53

-2.74

-9.36%

Viacom, Cl. A

37.08

33.22

-3.86

-10.41%

Viacom, Cl. B

36.39

33.01

-3.38

-9.29%

Wash. Post

983.02

802.50

-180.52

-18.36%

Young

10.56

3.49

-7.07

-66.95%





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