Media Stocks Hit As Investors Ponder Potential Fallout From Greek Debt Default

All of the major media companies we track lost ground today, and it had little to do with the industry itself: Investors worldwide braced themselves for a possible ripple effect across Europe if — as seems likely — Greece doesn’t pay $1.8 billion due tomorrow on the $367 billion it owes to the International Monetary Fund.

The Dow Jones U.S. Media Index fell 2.1%. By contrast, the Standard & Poor’s 500 declined 2.1%, the Dow Jones Industrial Average slipped 1.9%, and Nasdaq fell 2.4%.

Viacom (-3.1%) was hardest hit among Big Media companies. It was followed by CBS (-3.0%) Sony (-2.6%), Fox (-2%), Discovery (-1.9%),Time Warner (-1.8%), Comcast (-1.7%), and Disney (-1.7%).

In the broader media universe, big losers include Rovi (-9.9%), DreamWorks Animation (-5.9%), World Wrestling Entertainment (-5.8%), New York Times (-5.4%), News Corp (-4.9%), and Cablevision (-4.7%).

Rovi, McClatchy (-9.5%), Cinedigm (-3.9%), TiVo (-3.6%), and Scripps Networks (-3.4%) touched 52-week lows.  AMC Networks touched a 52-week high before ending the day down 3.1%. Same with Starz, which closed off 1.8%.

Today was the first day of trading for the separate companies with the newspaper and television properties formerly united at Gannett. The publishing company, which kept the Gannett name, fell 5.2% while the TV company, called Tegna, was up 5.1%.

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