Wall Street’s Bumpy Ride For Media Stocks


It was another turbulent day on Wall Street, as the Dow Jones Industrial Averages concluded the week with a 70.92-point decline, to 24,538.06. On the contrary, Nasdaq was up 77.31, to 7,257.87.

Aside from Salem Media Group (down 15 cents, to $4.10) and American Tower Corp. (off $1.37, to $134), the majority of publicly traded radio and TV companies ended the week on an up-note, too.

Entercom rebounded with a 20-cent gain, to $10.05. Nexstar surged by $3.15, to $72.65.

Also up: Sinclair Broadcast Group, rising $1.62 to $35 following RBR+TVBR‘s exclusive report on Thursday that it is selling WPIX-11 in New York to Cunningham Broadcasting and dealing WGN-9 in Chicago to a long-time business associate of Sinclair’s executive chairman.

The big winner on Wall Street on Friday is Netflix, which torpedoed past the $300 mark with a $10.66 ascension, to $301.05.