Media Companies Take Stock Hit

A rough day in the stock market -- the worst in five months -- witnessed even bigger losses for many big media companies that took it on the chin.

Some of the major losers on Tuesday were three big pay TV providers -- Comcast Corp., down 3.1% to close at $58.70; Dish Network, off 3.6% to $103.23; and Time Warner Cable falling 3.1% to $154.79.

Better-performing media companies -- by relative comparison -- were media content owners: Fox slipping 1.2% to $34.29; CBS, down 1.8% to $59.43; Viacom, losing 2.1% to $69.95; Walt Disney, off 1.9% to $103.23; and Time Warner, down 2.1% to $83.38.

Media companies suffered more than the market overall: Dow Jones Industrials lost nearly 1.9% (333 points) to settle at 17,663. Nasdaq went backwards 1.7% to land at 4,860; and the S&P 500 gave back 1.7% to 2,044. For the Dow Jones, it was its biggest point drop since October 2014.



Big digital media wasn’t exempted: Google off 2.5% to $559.85; Facebook, down 2.4% to $77.55; and Twitter, giving up 3.7% to $45.84.

TV station groups also went lower: Sinclair Broadcast Group fell 2.2% to $26.14; Gannett Co. slid 2% to $34.16; and Nexstar Broadcasting Group gave up 2.4% to $55.15.

Tribune Media was one of the few media companies that pointed up, though only slightly -- 0.1% to $66.67.

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