After a vote that the United Kingdom should exit the European Union, the U.S. stock market dove, taking TV stocks down with it.
The Dow Jones Industrial Average fell more than 400 points in morning trading.
Among the TV stocks most affected was Discovery Communications, down almost 6%, and 21st Century Fox, down more than 6%. Both companies have big overseas operations.
In a statement, Discovery said it respects the U.K. voters' decision to leave the European Union. "Discovery Channel launched in the UK in 1989 and since then it has become one of our biggest markets and a critical creative and business hub. As a global company with a significant presence in 220 markets, we are accustomed to operating in an industry and a world where change is constant. We will work closely with UK and EU leaders to successfully navigate this change and find new opportunities to shape our future. In the short-term and medium-term, our currency hedging program will significantly minimize the impact of the Brexit vote on our financial performance," the statement said.
The other media stocks were mostly down in the 2% and 3% range, including CBS, Disney, Scripps Networks Interactive, Time Warner, Viacom and Starz. Netflix was also down a little more than 2%.
AMC Networks was down under 1%, while Comcast was down almost a little more than 2%.
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.
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