U.S. financial markets rebounded on Tuesday, following Monday’s market meltdown. How did radio and TV companies fare? There were notable decreases … and increases.
The dip in share value continued for ViacomCBS, which a closing price of $12.74 seen on Tuesday. That’s a 6.4% decline from Monday.
Also off: iHeartMedia, which slipped 2.1% to $7.45.
The biggest decliner in the media sector was Salem Media Group. The owner of Christian-themed and conservative Talk stations saw its stock tumble 14.7% on Tuesday, to 87 cents.
One would have to go back to April 2009 to see SALM priced at this level.
On the upswing after considerable declines in recent weeks were Townsquare Media (up 3.12% to $4.135), Saga Communications (up 20.1%, to $31.50), Gray Television (up 18.1%, to $11.04), and Entercom (up 12.36% to $2).