The industry couldn’t withstand the downdraft across the financial markets today as reports in China showed weaker-than-expected industrial growth and as Russian troops began military exercises near the border with Ukraine. The Dow Jones U.S. Media Index fell 1.4%, nearly matching the drop in the Dow Jones Industrial Average and ahead of the 1.2% fall in the Standard & Poor’s 500. All of the Big Media companies we track lost ground. News Corp shares fell 2.8% followed by Fox (-1.8%), Disney (-1.8%), CBS (-1.4%), Viacom (-1.3%), Sony (-1.2%), Comcast (-1%) Discovery (-0.9%), and Time Warner (-0.9%). Biggest losers across media and entertainment included Sinclair (-4.9%), Scripps (-4.7%), Crown Media (-4.6%), DreamWorks Animation (-4.2%), and Lionsgate (-3.2%). Only a handful gained ground including exhibition companies AMC Entertainment (+2.5%) and Carmike (+0.8%); programmers Starz (+1.0%) and World Wrestling Entertainment (+0.3%); and Amazon (+0.2%), which announced today that it has raised the price of its Amazon Prime program for the first time in nine years.
Media Stocks Slip As Investor Fears About China And Ukraine Grow
For all of Deadline’s headlines, follow us @Deadline on Twitter
Sign up for Newsletters
Trending Now on Deadline
More From Lieberman
- Now That He's At Carmike, Can Bud Mayo Lead Theaters' Alternative Content Revolution?
- Cable Milestone: Operators Have More Broadband Subs Than TV Ones
- Look Out Gannett: Carl Icahn Buys 6.6% Stake
- Warren Buffett Sends A Mixed Message To John Malone As He Buys Into Charter But Unloads Starz
- Citing “Insulting” Criticism, Comcast And Time Warner Cable Withdraw Funding For Dinner Honoring FCC Commissioner
- Televisa Partners With MiTu To Develop Spanish-Language Digital Content