Media Stocks Drop in Market Selloff - Broadcasting & Cable

Media Stocks Drop in Market Selloff

China triggers New Year economic jitters
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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%.

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