US media stocks battered
September 23, 2011
America’s leading media stocks have seen massive falls in the value as the Dow Jones index continues to suffer a major fall as anxiety increrases over deficits and growth.
Most of the USA’s cable stocks fell back on September 22nd. Time-Warner was the exception (up 1 per cent) but its stable-mates all suffered: Comcast down 3.8 per cent, Charter down 3.7 per cent, Cablevision down 3.34 per cent.
The two DTH players were not exempt with Dish hurting the most by falling 3.3 per cent. DirecTV did reasonably well, falling just 1.4 per cent.
However, the programme makers also suffered, with Viacom one of the worst fallers (down 6.5 per cent) on its statement that Q3 ad-revenues were suffering. Disney fell 6.5 per cent, while News Corp and Discovery were both off about 3 per cent.