- by Wayne Friedman , 5 hours ago
On a day when the overall stock market continues to hit new records, three big TV station groups witnessed strong opening trading on Wednesday -- generally outperforming other media companies.
Sinclair Broadcast Group was up 1.4% to $30.48, while Nexstar Media Group was 1.4% higher to $60.10 and Tegna added 2.6% to $12.90.
A report from Bloomberg News said Sinclair received bids for as many as 10 television stations that could tally $1 billion in sales -- all in hopes of winning approval from the FCC for its proposed merger with Tribune Media.
Many media analysts believe this could be a good year for TV station groups -- with expected deregulation by the Trump Administration and rising M&As.
On Wednesday, TV station groups were performing better than broader media stock indices. The Dow Jones U.S. Broadcasting and Cable index was virtually flat -- off 0.1% to 1229.64. The Dow Jones U.S. Media Index was also essentially flat -- down 0.05% to 826.29.
Early Wednesday trading of the Dow Jones Industrials was up 0.5% to 23,110.
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