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
Trending Now on Deadline
More From Lieberman
- RealD Shares Soar After Starboard Value Offers To Buy It
- DirecTV Secures Renewal Of NFL Sunday Ticket With Added Streaming Rights
- Media Stocks Swoon As Wall Street Frets Over Factory Activity And Ebola
- Is The 'Crouching Tiger 2′ Dispute A Brilliant PR Gambit For Netflix?
- Derek Jeter Teams With Legendary Entertainment To Launch Sports Site: The Player's Tribune
- Suddenlink To Drop Viacom Channels In Dispute Over Contract Terms