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Media Stocks Underperform Market

It was another downer week for the Susquehanna International Group LLP's weighted index of 31 media and entertainment companies.

For the five days ending July 9, the index was down 2.5%, compared to the overall market's 1.4% drop. Contributing to that underperformance were big radio companies, with Clear Channel, Cumulus, Emmis Communications and Entercom all down. News that EchoStar's sub counting methodology was being investigated by the SEC didn't help either.

Helping pull in the other direction was a bump up in MGM's stock price related to sale rumors. That came despite reports that News Corp.'s Rupert Murdoch had said the $5 billion price tag was too steep.  In addition, Disney got a bump from Chairman Michael Eisner's suggestion Friday that executives would likely recommend to the board that the company increase its divided, said Susquehanna, a financial services company.