The federal government will have to slash $1.2T in spending, mostly beginning in 2013, if the 12-member congressional Super Committee can’t strike a deficit reduction deal soon. They still appear split — even though, as a practical matter, they have to reach an agreement by midnight in order to have something ready for the official Wednesday deadline. That drove most company shares down, with a late uptick possibly softening the blow. The Dow’s U.S. Media Index was down 1.2% about 20 minutes before the end of the trading day. Disney was hardest hit among the industry’s biggest players: Its shares were -3.5%, followed by Sony (-3.4%), CBS (-2.3%), Viacom(-2%), and Time Warner (-1%). Comcast was up about 0.5%. Among other media companies, Cinedigm (-8.8%) and RealD (-7.2%) took the worst beatings. Others down at least 4% include E.W. Scripps, Entercom, Crown Media, Netflix, National CineMedia, Live Nation, LIN TV, and Dish Network. Gainers include Westwood One, Barnes & Noble, Sirius XM, Radio One, McClatchy, and McGraw Hill.
By DAVID LIEBERMAN, Financial Editor | Monday November 21, 2011 @ 3:50pm ESTTags: Barnes & Noble, CBS, Cinedigm, Comcast, Crown Media, Dish Network, Disney, E.W. Scripps, Entercom, LIN TV, Live Nation, McClatchy, McGraw-Hill, National CineMedia, Netflix, Radio One, RealD, Sirius XM, Sony, Time Warner, Viacom, Westwood One
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This article was printed from http://www.deadline.com/2011/11/media-stocks-hit-by-market-fears-of-impasse-over-u-s-debt-cuts/