Early earnings reports from Discovery Communications showed some weak U.S. advertising results and an uncertain fourth-quarter scatter market -- which sank its stock by 7% to $33.31 on Tuesday. It had been down more than 9% in mid-day trading.
All that kicked off some lower results of other TV-related companies -- especially those that are subject to lower advertising trends.
CBS was down 4.5% to $51.99, while 21st Century Fox was off 3% to $32.32 (although it made up ground after higher-than-expected third-quarter results after the close). Viacom weakened 4.4% to $69.62; Scripps Network Interactive gave up 3.7% to $74.92; AMC Networks was off 3.5% to $59.16; and Time Warner was down 3.9% to $75.67.
TV station groups were also lower, with Sinclair Broadcast Group losing 3.0% to $28.12; Tribune Media off 2.7% to $65.00; Gannett Co. down 2.1% to $30.65; and Nexstar Broadcasting giving up 3.4% to $43.84.
Broader market indices were healthier: Dow Industrials was up 0.10% to 17,383; Nasdaq was down 0.33% to 4,623; and S&P 500 was off 0.28% to 2,012.