RI’s Media Companies’ Stocks Plummet — Bad to Worse
Tuesday, December 25, 2018
The Dow Jones has fallen from a 52-week high of 26,951 to a Christmas Eve close of 21,792 — a 19 percent decline.
Monday’s 653 point sell-off on Christmas Eve pushed the market into a bear market territory. And the decline hit media stocks hard.
The S&P 500 finished the holiday-shortened day down 2.7 percent or more than 20 percent below its previous high in September. It marks the worst Christmas Eve trading day on record. Nearly all of Rhode Island's media companies are owned by publicly traded conglomerates -- the exceptions include WLNE 6 which is owned by a New York media company; some of the local newspapers like the Valley Breeze which is locally owned; both public radio and television which are local not-for-profits, and GoLocalProv.
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Providence Journal’s parent company New Media Investment Group’s stock has fallen from a 52-week high of $19.10 to a Monday close of $11.04 — a 42 percent decrease. The Journal is owned by a series of private and public companies ultimately holding company is the Japanese venture firm SoftBank Group. Much of the newspaper industry conglomerates have seen their stock hit hard this year due to falling circulations, decreased advertising, and, earlier in the year, high paper costs.
WPRI-12’s parent company Nexstar Media Group, who is presently in the midst of major acquisition — the purchase of Tribune Media for $4.1 billion is poised to be the largest television group in America. The Nexstar stock has fallen from a 52-week high of $ 89.75 to a Monday close of $71.81 on Monday — an 18.5 percent decline.
WJAR - 10’s parent company Sinclair Broadcast Group — the controversial television group tied to right leading content and close ties to the Trump administration, has been its stock fall the least —down from a 52-week high of $28.27 to yesterday’s close of $25.22 — a 12 percent decrease.
Cumulus Media which owns multiple radio stations in the Providence including WPRO AM and FM, came out of bankruptcy in June. Its stock has declined from a 52-week high of $26.00 to a Monday close $11.05 — a 57 percent decrease.
iHeart Media — the largest radio group in the United States and owners of WHJJ and WHJY to name a few, has seen been in bankruptcy. Earlier this month the company announced a new reorganization plan and in November named a post Chapter 11 Board of Directors.
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