Media Stocks Hit as Market Dives

Viacom falls more than 5%
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Media companies suffered again as the stock market resumed its tumble.

Negative economic reports from Europe pushed stocks lower early and the decline accelerated in late trading, leaving the Dow Jones Industrial Average down 240.60 points, or 2.16% to close at 10,913.38. A report that U.S. incomes fell for the first time in two years in August, didn't improve investors' confidence. 

The drop left the Dow down about 12% for the quarter, it's worst performance since the financial crisis hit in 2008.

Most media stocks were down more than the general market.

Viacom was down 5.58% to $38.74 as an analyst reduced his estimate of the company's fourth quarter ad revenues.

Also taking a big hit was Cablevision Systems, which lost 5.64%, dropping to $15.73.

AMC Networks slid 3.74% to $31.95, Comcast was down 3.64% to $20.90, and Scripps Networks Interactive was off 3.33% to $37.17.

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