Wall Street Bloodbath Impacts Media Issues


U.S. financial markets tumbled ahead of a Federal holiday closure Wednesday, in observance of the funeral of former President George H.W. Bush. The Dow Jones Industrials Average was off 3.1%, to 25,027.07 points, while Nasdaq was down 3.8%, to 7,158.43.

Most radio and TV companies were also in decline.

Townsquare Media declined 5.7%, to $5.84, while TEGNA dipped by 3%, to $12.81.

Sinclair Broadcast Group slipped by 2.5%, to $30.89, as Gray Television shed 5.6% of its stock value, landing at $17.51.

Declines continues for Entercom (-4.9%, to $6.35) and Entravision (-6.8%, to $3.02), as Cumulus Media lost 5 cents to finish at $11.75.

Of the few gainers on Tuesday was Beasley Media Group. BBGI was up 9 cents, to $4.99.