Brexit Decision Hurts Media Stocks

U.S.-based media stocks have taken a big hit on the news of Britain’s referendum decision to leave the European Union.

Major media stocks lost anywhere from 3% to 6%. All this is against major business indices, which are down around 2.5% to 3% for the Dow Jones Industrials, Nasdaq and S&P 500 in early morning Friday trading.

Discovery Communications has been particularly hurt, losing as much as 6.1% to $24.77. Discovery has some major European holdings, including satellite sports network Eurosport, as well as SBS Nordic, which owns TV networks in Norway.

Other big decliners include 21st Century Fox, down 4.2% to $27.97; Scripps Networks Interactive, off 3.4% to $60.08; and Dish Network, down 3% to $51.84.

Some U.S.-based TV station groups were also hit hard, with Tegna down 4.5% to $21.89; Sinclair Broadcasting Group losing 4.3% to $29.20; Nexstar Broadcasting Group down 5.1% to $47.07; and Tribune, off 3.5% to $38.00.



Other large TV-media companies took a fall, with CBS off 3.5% to $51.77; Disney losing 2.8% to $96.26; and Viacom dropping 3% to $42.15

Digital media companies also were hurt, with Netflix down 3% to $88.96; Google (Alphabet) also losing 3% to $693.18; Facebook, 2.1% lower to $112.73; and Twitter, giving up 3.1% to $16.51.

Among those that fared the best were a few cable-operator companies: Charter lost just 0.9% to $222.78; and Comcast was down 1.3% to $62.14..

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