Freefall of Local Media Stocks

[Teddyo]

:'(

Hope you don't still own any of these media common stocks!

All are down anywhere from 80% to much, much more compared to where they were one year ago.

Closing prices as of today, 12/2/08, of parent companies of local TV stations:

Belo (Ch. 3): $1.67
Scripps (Ch. 15): $2.18 (Stock at $148.00 earlier in year prior to Scripps Interactive spin-off. Interactive now at $24.80.)
Gannett (Ch. 12): $8.68
Meredith (Ch. 5): $16.16 (Corp. actually making some money)

 

[LasVegasRadioJunky]

I read today that 1 of every 2 radio stocks are below $1.00. The article predicted bankrupcy filings by some of them. Also eluded to the fact that banks may bail them out because they have no interest in owning radion stations.

So, the government bails out the banks and the banks bail out radio broadcasting.

This is really wrong.......

 

[EricStein]

:'(

Hope you don't still own any of these media common stocks!

All are down anywhere from 80% to much, much more compared to where they were one year ago.

Closing prices as of today, 12/2/08, of parent companies of local TV stations:

Belo (Ch. 3): $1.67
Scripps (Ch. 15): $2.18 (Stock at $148.00 earlier in year prior to Scripps Interactive spin-off. Interactive now at $24.80.)
Gannett (Ch. 12): $8.68
Meredith (Ch. 5): $16.16 (Corp. actually making some money)

You forgot News Corp. (Ch. 10), which closed at $8.01 today. Being so diversified, they are still in the black at this point.