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Media stocks settle down with market - Broadcasting & Cable

Media stocks settle down with market

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Broadcast and cable stocks calmed down along with the broad market Tuesday, falling just 1.8% about the same as the Dow average.

The best performers were Granite Broadcasting, AOL, Adelphia and Salem Communications, up 3-5%. The biggest loser was DBS reseller Pegasus, off 16%, and DirecTV parent Hughes Electronics, off 9% to $12.80, down from $20 a month ago.

That severely complicates the company's plans to sell out to a venture led by News Corp. - John M. Higgins

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