Media Stocks Drop in Market Selloff

By Jon Lafayette
( Broadcasting & Cable )
published

Concerns about the Chinese economy sent the stock market tumbling and media stocks were among those taking deep dives to start the New Year.

The Chinese stock market dropped 7% and trading was halted after statistics on manufacturing posted a decline for the fifth-straight month. The news sent global markets reeling because of the size of the Chinese economy.

The Dow Jones Industrial average was down more than 300 points, or 2%, in morning trading on the first business day of 2016.

Among media stocks, Netflix fell nearly 6%.

AMC Networks, Crown Media, The Walt Disney Co. and 21st Century Fox were all down more than 2%.

CBS, Comcast, Discovery, Scripps Networks Interactive, Time Warner and Viacom were all off more than 1%.

Jon Lafayette
Jon Lafayette

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.