Media stocks continued to plummet in September as the broader market continued to slide.
The Dow Jones Industrial Average lost nearly 500 points again Tuesday, while the broader Standard & Poor’s 500 fell almost 3%.
Crown Media was down more than 5%, while CBS, AMC Networks and 21st Century Fox all lost more than 3%. Walt Disney Co. and Scripps Networks slipped more than 2%. Discovery Communications, Time Warner and Viacom posted smaller loses.
Netflix posted an 8% drop.
The stock market continues to be concerned about the effects the weakness of the Chinese economy will have on world markets. Media stocks have been dropping since companies reported second quarter earnings. Comments from the companies made investors more concerned that advertising would be challenged and that cord-cutting would put distribution revenue growth at risk.
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.
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