Chicago — Media stocks took a plunge late Wednesday as worries about the economy sent the Dow Jones Industrial Average dropping 512.76 points (4.31 percent).
One of the very few bright spots was Pandora Media, which ended the day in the black, rising 1.6 percent.
The vast majority weren’t so fortunate. Media General CEO Marshall Morton blamed the drop in stocks to “a faltering economy,” as the Media General itself saw a 13 percent plummet during the second quarter.
Print media, which relies heavily on ad revenue, suffered from a near 10 percent drop in revenue, including Gannet, which was down .47 percent, and the McClatchy Co., which fell 2.67 percent.
Of them, CBS, which is also heavily reliant on advertising revenue, was down more than 9 percent, with its stock at $24.21 — a decline of $2.49.
Other companies that dropped include: Viacom, which was down more than 6 percent; News Corp, which reported a 7 percent drop; DirecTV, which fell 5.74 percent; and shares of Comcast and Time Warner that were down 4.26 percent and 4.62 percent respectively.
Related Links:
http://tinyurl.com/3zk4n6b (Market Watch)
http://tinyurl.com/3m46b52 (Broadcasting Cable)
