Media Stock Mixed as Stock Rally Fizzles

Media stock finished Tuesday trading mixed as an early rally disappeared, leaving the market with another large loss.

Following Monday’s 588-point dive, the market opened higher, rallying to a 400-point gain at one point. But the market dropped in afternoon trading finishing with a 204.91 point loss to 15,666.44, or 1.29%. D

espite the market’s plunge, some media stock posted gains. A

MC Networks close up 5.55% at $69.26 a share. The company’s new show “Fear the Walking Dead,” a spinoff of “The Walking Dead,” premiered to the highest ratings in cable history.

Other companies posting gained included Viacom, Walt Disney Co. and 21st Century Fox. Streaming company Netflix was up nearly 5%.

CBS and Comcast finished down more than 1%, while Crown Media, Scripps Networks and Time Warner posted smaller losses.

Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.