Media stocks suffered along with just about everyone else today after the Federal Reserve stirred recession fears by reporting “significant downside risks to the economic outlook” — and World Bank President Robert Zoellick warned that global economies are in a “danger zone.” The Dow Jones U.S. Media Index fell 3.9%, slightly more than the 3.5% drop in the DJ Industrial Average. Companies most exposed to advertising were hard hit. CBS led the pack among the industry’s Big Guns with shares down 7.2%. It was followed by Viacom (-6.6%), Disney (-5.5%), Comcast (-3.8%), Time Warner (-3.6%), News Corp (-3.3%), and Sony (-2.7%). Others falling at least 7% include Nielsen and Sirius XM. Those dropping at least 6% include Martha Stewart Living Omnimedia, The New York Times, Coinstar, IMAX, and Cumulus Media. Even in the battered market, a few media companies were up on the day including Live Nation (+2.1%), Barnes & Noble (+3.1%), Scholastic (+6.8%) and Westwood One (+20.8%).
By DAVID LIEBERMAN, Financial Editor | Thursday September 22, 2011 @ 7:49pm EDTTags: Barnes & Noble, CBS, Coinstar, Comcast, Cumulus Media, Disney, IMAX, Live Nation, Martha Stewart Living Omnimedia, News Corp, Sirius XM Radio, Sony, The New York Times, Time Warner, Viacom, Westwood One
For all of Deadline's headlines, follow us @Deadline on Twitter.
This article was printed from http://www.deadline.com/2011/09/media-stocks-slammed-amid-concerns-of-a-double-dip-recession/
Deadline Investigates CSS
SUBSCRIBE TO DEADLINE NEWS
News/Opinion PollLoading ...
By The Numbers
Box Office PollLoading ...
HBO GO Campaign – ‘True Blood’