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%.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.