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
- Apple's Tim Cook Says TV Is Still “Stuck Back In The '70s”: Video
- Los Angeles Daily News Owner Digital First Media Looks For Buyers After Web Initiatives Founder
- DirecTV Chief Says Hispanic Online TV Service To Launch By Year End
- Rupert Murdoch Scores Victory As European Commission Approves BSkyB Plan To Create A Satellite Colossus
- Starz CEO Says Cable Operators Can Benefit By Offering Premium Channels Outside The Pay TV Bundle
- Chase Carey: Fox Is Really, Really Over Time Warner. Really.