Media Stocks Open Week on Up Note

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Media stocks, which have been sinking, opened the week on a positive note.

Every publicly traded programming stock was up, with Discovery Communications, up 3.5% to $29.30, leading the group.

Two weeks ago, media stocks began to get pummeled when second quarter earnings calls raised investor concerns that growth of distribution revenue could be slowed by cord cutting at the same time advertising revenue was under press because of low ratings and digital competition.

The companies lost billions of dollars in value.

But on Monday, Comcast, Scripps Networks Interactive and AMC were up about 2%; CBS, Walt Disney, and Time Warner were up more than 1% and 21st Century Fox, Crown Media and Viacom were up less than 15.

Netflix, seen as a cause of the traditional media companies problems, was up 1.58% to $125.34. .

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.