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Old reliables survive

Media stocks held up fairly well during last week's market mayhem and the two-week plunge in Internet stocks. Amidst Tuesday's mini-panic, it was tech and Internet issues getting hammered, not media.

Bloomberg's Internet index dropped 14% Monday and Tuesday. But Broadcasting & Cable's TV station, cable and radio indices suffered only mildly. TV station stocks fell 6% over two days, but regained all that ground by early Friday. Cable stocks actually ticked up during the worst of the panic.

Over the past two weeks Internet stocks have dropped 19% while B & C's TV and radio indices are even. Some had already taken their hit. Cable stocks are off 14% for the year to date while station stocks are off 17%.

Salomon Smith Barney's Niraj Gupta notes "In a review of media sectors, the fundamentals look pretty good."