At one point the Dow Jones 30 Industrials index was down 6%, or around 1,000 points, in midday trading -- although it recovered somewhat, down just under 4%, off 650 points.
Many media stocks were down 3% to 5% during the day.
Walt Disney -- already hit with lower results over the past two weeks and, in part, responsible for investors fears over media stocks -- missed most of the damage. Disney, a Dow Jones Industrials 30 stock, was down 1.6% to $97.25 on Monday.
Netflix got caught in the downdraft at the opening bell -- off a big 13% -- following a 9% decline on Friday. Midday Monday trading had the subscription video-on-demand provider off 4.2% to $99.27.
Two other media companies that got hit big -- Discovery Communications and 21st Century Fox -- were down 4.5% and 4.1%, respectively.
CBS and Time Warner fared the best of the worst: CBS was down 1.7% and Time Warner was off 1.2%.
Comcast Corp, Dish Network, and Cablevision were off 2.6%, 2,7%, and 3% respectively. TV station groups also were pinched: Tribune Media was down 3.3% and Sinclair Broadcast Group was down 1.3%.