Spanish Broadcasting System Hits The Wall On The Street.
June 18, 2005
The announcement of the purchase of WDLP-TV by Spanish broadcasting System for $37.5 million was perceived negatively by investors on Wall Street. The stock suffer a 10% decline, investors showing their displeasure with the companies purchase of the station. According to Banc of America Securities analyst Jonathan Jacoby, expect higher than usual costs and management drain are key issues that troubled investors.
