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Media Stocks Drop in Market Selloff

Concerns about the Chinese economy sent the stock market tumbling and media stocks were among those taking deep dives to start the New Year.

The Chinese stock market dropped 7% and trading was halted after statistics on manufacturing posted a decline for the fifth-straight month. The news sent global markets reeling because of the size of the Chinese economy.

The Dow Jones Industrial average was down more than 300 points, or 2%, in morning trading on the first business day of 2016.

Among media stocks, Netflix fell nearly 6%.

AMC Networks, Crown Media, The Walt Disney Co. and 21st Century Fox were all down more than 2%.

CBS, Comcast, Discovery, Scripps Networks Interactive, Time Warner and Viacom were all off more than 1%.