Greek Prime Minister George Papandreou snatched defeat from the jaws of victory with a surprise announcement that he would hold a public referendum on the European bailout package assembled with such difficulty to save his country from economic collapse. He faces a vote in parliament on Friday which could bring down his government. But he may not last that long. Some leaders of his ruling party are demanding his immediate resignation. Meanwhile, the shocking development sent stock prices plunging around the globe. The Dow Jones Industrial Average fell 297 points, or 2.5%, to 11,658. Broadcasting stocks fell with the market.
The RBR Radio Index was down 8.899, or 3.1%, to 282.021.
The TVBR Television Index was down 11.275, or 4.6%, to 233.394.
Beasley, up 1.5%
Salem, up 1.2%
Entercom, down 9.8%
Dial Global, down 8.5%
Gray, down 7.4%