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
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This article was printed from http://www.deadline.com/2011/09/media-stocks-slammed-amid-concerns-of-a-double-dip-recession/