Media stocks suffered along with just about everyone else today after the Federal Reserve stirred recession fears by reporting “significant downside risks to the economic outlook” — and World Bank President Robert Zoellick warned that global economies are in a “danger zone.” The Dow Jones U.S. Media Index fell 3.9%, slightly more than the 3.5% drop in the DJ Industrial Average. Companies most exposed to advertising were hard hit. CBS led the pack among the industry’s Big Guns with shares down 7.2%. It was followed by Viacom (-6.6%), Disney (-5.5%), Comcast (-3.8%), Time Warner (-3.6%), News Corp (-3.3%), and Sony (-2.7%). Others falling at least 7% include Nielsen and Sirius XM. Those dropping at least 6% include Martha Stewart Living Omnimedia, The New York Times, Coinstar, IMAX, and Cumulus Media. Even in the battered market, a few media companies were up on the day including Live Nation (+2.1%), Barnes & Noble (+3.1%), Scholastic (+6.8%) and Westwood One (+20.8%).
Media Stocks Slammed Amid Concerns Of A Double-Dip Recession
What's Hot on Deadline
Richard Pryor Pic Set; Oprah Winfrey To Play His Brothel-Owner Grandma, Eddie Murphy "Uncle" Buck, Mike Epps And Kate Hudson As Pryor And Wife Jennifer
'Compton' Fends Off 'War Room' From No. 1, But Alex Kendrick Film Overperforms At No. 2 - Sunday AM Update
Bert Fields Talks Disney Ban, George Lucas, James Cameron, Harvey Weinstein, Napoleon & The Next Big Thing