TV Stocks Tumble as Market Plunges

By Jon Lafayette
( Broadcasting & Cable )
published

Media company stocks fell sharply as the stock market
reacted to concerns over moves by the Federal Reserve Board and the Chinese
economy.

The Dow Jones Industrial Average closed down 2.34% at 14,758
Thursday, a 353.87-point decline, and many companies in the TV business
recorded even bigger drops.

Comcast dropped 3.23% to $38.91 a share and CBS slid 4% to
$46.93.

Time Warner, Discovery Communications, Cablevision Systems,
Crown Media, Viacom, Disney, Scripps Networks and Time Warner Cable all fell
between 2% and 3% in the selloff.

Also
dropping was high-flying Netflix, which dropped 3.78% to $223.50.

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.