Nexstar Broadcasting's stock continued to drop Friday, falling another 12 cents to a low of $3.69 at the end of trading. The stock was trading for more than $10 per share only a couple of years ago.
Nexstar owns KSNF in Joplin and KSFX in Springfield and is de facto owner of KODE in Joplin and KOLR in Springfield.
It might have something to do with the fact that if the FCC changes the media ownership rules, Nexstar and Mission Broadcasting will finally be exposed as the scam they've been flaunting under the FCC's nose for years.
ReplyDeleteThe previous post failed to mention that the "scam" is also being run by KOAM/KJFX and by a pair of stations in Springfield. It is actually a national "scam". I agree it is bad for local news but most viewers have no idea how expensive a local news operation is to run.
ReplyDeleteIf managed correctly, the concept could maximize resources and profitability while having little redundancy and actually increase local content.
That is not the case in this market.
The words "if managed correctly" and Nexstar are like oil and water.
ReplyDeleteNexstar IPO'D in Nov of 2004. The stock has fallen consistently since then, until somewhat leveling out around the $4 - $4.50 mark.
ReplyDeleteThe low stock prices explain why they can only afford to hire news directors who cherry-pick stories from the papers and never weed out any stories of their own or do any real broadcast journalism. And by real, I mean anything other than what appears in print anywhere else that day.
ReplyDeleteIn fairness, it's the assignment editors that rip-off the Globe every morning. The news directors simply allow it to happen.
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