Disney-Charter dispute sparks broadcast blow-up
- Bill Weisbrod
Debt issued by broadcast media companies sold off hard this week, as a carriage dispute between Disney and Charter Communications highlighted industry-wide problems.Â
Companies hit by the selloff include Nexstar, EW Scripps, Gray Television, Sinclair Broadcast Group, Tegna, Univision Communications and AMC Networks, as well as Charter itself.Â
“It’s been super topical and active,” a high yield trader said. “I see some of these names trading a lot every day.”
Among the biggest decliners were EW Scripps’ $500m 5.375% notes due 2031, which are quoted at 64.39 compared to 71.094 at the start the week, and Gray Television’s $800m 4.75% senior notes due 2030, which are down to 64.2 from 68.609 over the same period.