Media Stocks Tumble as Stock Market Plunges

The stock market had one of its worst days ever and media companies were dragged lower in the downdraft.

On a day when the Dow Jones Industrial Average registered an 831 point drop, representing a 3.15% decline, most companies in the TV business were also down by a similar margin.

A big exception was usually high-flying Netflix, whose stock was down 8.38% to close at $325.89.

Among the network owners, AMC Networks was down 3.85% The Walt Disney Co. was down 3.45%, Comcast was down 3.27%, CBS was down 3.22% and Viacom was down 2.65%

Less hard hit were Twenty-First Century Fox was down 1.90%, Discovery, which has been getting positive reviews from Wall Street analysts lately, was down 0.93%.

Among the station groups Gray Television dropped 4.33%., Nexstar was down 3.52% and Sinclair Broadcast Group fell 3.22%.

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.