Over the course of the year’s first quarter investors appear to have relaxed about the prospects for large traditional media companies — but not so much for small ones.

The Dow Jones U.S. Media Index was up 2.4% over the three month period, beating the benchmark Standard & Poor’s 500 which was up 0.8%.

Carmike was the top performer in the group we monitor, with shares rising 31.0%, as a result of its agreement early this month to sell itself to AMC Entertainment. At the bottom of the list is Lionsgate, down 32.5%, following a string of box office disappointments including The Divergent Series: Allegiant and Gods Of Egypt.

Among Big Media companies, CBS was the leader with shares up 16.9%. It’s followed by Time Warner (+12.2%), Comcast (+8.2%), Discovery (+7.3%), Sony (+4.5%), and Fox (+2.7%). Viacom was down 0.3%, and Disney dropped 5.5% as concerns about subscriber losses at ESPN outweighed enthusiasm over the success of Star Wars: The Force Awakens.

Media (or related) companies up by double digit percentages include: Hasbro (+18.9%), Scripps Networks (+18.9%), Verizon (+17.0%), AMC Entertainment (+16.6%), AT&T (+13.8%), Tribune Media (+13.4%), Nielsen (+13.0%), Liberty Broadband  (+12.6%), Regal Entertainment (+12.0%), Yahoo (+10.7%), Charter Communications (+10.6%), Time Warner Cable (+10.3%), and TiVo (10.2%).

Those losing value include: Twitter (-28.5%), Gray Television (-28.1%), Nexstar Broadcasting (-24.6%), Starz (-21.4%), Cinedigm (-19.2%), Dish Network (-19.1), MSG Networks (-16.9%), AMC Networks (-13.0%), Activision Blizzard (-12.6%), Imax (-12.5%), Amazon (-12.2%), and Netflix (-10.6%).