Media Stocks Mixed After Big Selloff
After two days of declines, some media stocks rebounded in morning trading Friday.
A round of earnings calls that confirmed that ad spending was in decline and that distribution revenue was under growing pressure led investors to sell off companies that own TV networks.
Viacom, which plunged Thursday after reporting disappointing revenue numbers, was up 4% Friday morning. Starz was up nearly 7%.
21st Century Fox and Time Warner were up 2% and Scripps Networks rose 1%. Comcast was also slightly higher.
Other stocks remained on the downside. CBS was down nearly 3% and Discovery was down about 2%, while Crown Media, AMC Networks and Walt Disney Co. were off less than 1%.
Netflix was down 3%.
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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.