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Media Stocks Catch Break as Stock Market Recovers

UPDATED: 4:15 p.m. ET

The stock market rebounded Tuesday, reclaiming most of Monday's steep 600-point decline in which media companies were particularly hard hit.

The Dow Jones Industrial Average closed up 429.92, or 3.98% at 11,239.77.

Most companies in the television business recorded gains, but there were exceptions, notably Cablevision Systems, whose earnings and subscriber numbers came in well below estimates when they were announced Tuesday morning. Cablevision shares were down 12.81% to $17.02. The new loss came on top of an 18% decline for the year so far before Tuesday.

CBS, which has been hammered because it is still seen as a traditional broadcaster dependent on cyclical advertising revenues, bounced back Tuesday. CBS closed up 14.88% at $24.48.  

Also recording a big gain was Scripps Networks Interactive, which announced strong ad sales as part of its second-quarter financial results. Scripps shares were up almost 12% at $42.09 a share.

Discovery Communication and Viacom were each up about 7%, News Corp., which has been ensnared in a phone hacking scandal, reports its earnings Wednesday, was up more than 6% to $14.91.