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Media Stocks Dive as Market Plunges Again - Broadcasting & Cable

Media Stocks Dive as Market Plunges Again

Updated: CBS shares down almost 10%
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Updated: 4:30 p.m. ET

Media stocks were battered Thursday as the market plunged as the latest economic indicators show rising prices and an uptick in unemployment claims.

After several days of relative calm, the Dow Jones Industrial Average closed down 419.63 points, or 3.68%, to 10,990.58, after diving more than 500 points earlier in the day over concern about European debt levels. Several companies in the television business showed bigger declines.

CBS, viewed as dependent on advertising revenues, was off 9.87% to $22.46.

Cablevision Systems was down 7.98% to $17.17 and Viacom was down 7.41% to $42.11.

Discovery Communications, Time Warner and Crown Media were all down more than 6%.

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