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.
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