Investors seemed to like almost any business that was tied to pay TV and tech, and that was relatively insulated from the economic turmoil in Europe. The Dow Jones U.S. Media Index rose 11.6% in the three months that ended today, turning in a far better performance than the benchmark Standard and Poors’ 500 (+5.8%) and the Dow Jones Industrial Average (+4.3%). Time Warner led the Big Media pack, with a 17.7% rise in its stock. It was followed by Viacom (+14.1%), Comcast (+11.9%), CBS (+10.8%), News Corp (+10.1%) and Disney (+7.8%). Share prices for Sony — still struggling to right its electronics businesses — fell 17.8%.
In the broader field of media and tech companies we track: It’s not surprising to see that Sirius XM was the top performer; it was up 40% as Liberty Media bought shares for its planned takeover. Other high flyers include Google (+30.1%), TiVo (+26.3%), AOL (+25.5%), AMC Networks (+22.5%), Cablevision (+19.3%) and Liberty Media (18.6%). The quarter was less kind to Coinstar, the owner of the Redbox kiosks, which was -34.5%. That was worse than Facebook, which was -30.4% in the quarter following its troubled IPO. Other losers in Q3 were Carmike (-23.3%), Netflix (-20.5%), IMAX (-17.1%), Microsoft (-2.7%), and Cinemark (-1.8%).