The federal government will have to slash $1.2T in spending, mostly beginning in 2013, if the 12-member congressional Super Committee can’t strike a deficit reduction deal soon. They still appear split — even though, as a practical matter, they have to reach an agreement by midnight in order to have something ready for the official Wednesday deadline. That drove most company shares down, with a late uptick possibly softening the blow. The Dow’s U.S. Media Index was down 1.2% about 20 minutes before the end of the trading day. Disney was hardest hit among the industry’s biggest players: Its shares were -3.5%, followed by Sony (-3.4%), CBS (-2.3%), Viacom(-2%), and Time Warner (-1%). Comcast was up about 0.5%. Among other media companies, Cinedigm (-8.8%) and RealD (-7.2%) took the worst beatings. Others down at least 4% include E.W. Scripps, Entercom, Crown Media, Netflix, National CineMedia, Live Nation, LIN TV, and Dish Network. Gainers include Westwood One, Barnes & Noble, Sirius XM, Radio One, McClatchy, and McGraw Hill.
Media Stocks Hit By Market Fears Of Impasse Over U.S. Debt Cuts
What's Hot on Deadline
Bravo Renews & Expands 'Southern Charm', Sets More 'Shahs Of Sunset' & 'Million Dollar Listing New York'
Latest Film News
- ‘Inferno’ Starts Weekend With $800K – Box Office
- UK High Court Orders ISPs To Block 13 Piracy Websites
- Hounds At His Heels, Brad Grey Fights For Paramount’s Future –Part 1
- Doug Liman On The Challenges Of Shooting In The Virtual Reality Format
- SAG-AFTRA Teams With ATA To Pay Actors’ Unclaimed Residuals
- Topher Grace Joins Cast Of ‘Under The Silver Lake’