Media Stocks Take Hit In Dow Jones Dip
On a day when the stock market took a somewhat eye-opening drop -- a 1.5% decline for the Dow Jones Industrials on Oct. 19, the worst day since June
-- media stocks also took a hit.
Some of the biggest losers: Time Warner sank 2% to $44.93; News Corp. dropped 2% to $24.91; and Discovery Communications was off 2.2% to $60.44. Two major broadcast groups also gave back around these levels: Sinclair Broadcast Group, down 2% to $12.50 and Belo Corp. losing 2.7% to $7.89.
Some more modest losers including Viacom dropped 1.4% to $55.26; DirecTV fell 1.4% to settle at $51.35; Sony was down 1.6% to $12.15; Comcast was off 1% to $36.95; Cablevision Systems lost 0.7% to $18.39; Time Warner Cable drifted 0.6% south to $99.71; Lions Gate Entertainment fell 0.7% to $16.05; and Dish Network slipped 0.8% to $33.47.
Scripps Network Interactive was one of the few media companies to gain -- up 0.7% to $63.19. One report from Citicorp analyzed that Scripps would be a good fit if Walt Disney Co. would consider buying the midsize cable network group.
One big TV station/media group, Media General, dropped 4.3% to $4.86.
The Dow Jones Industrials sank 205.43 points to land at 13,343.51. Disappointing earnings reports, including from McDonalds and GE, contributed to the downfall.