Media Stocks Dive as Market Plunges Again

By Jon Lafayette
( Broadcasting & Cable )
published

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%.

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.