Media Stocks Slide as Market Declines

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The stock market dropped Thursday, ending a short streak of gains, and media companies' share prices suffered.

The Dow Jones Industrial Average plunged 170.89 points, or 1.51%, to close at 11,149.82. The loss came after three straight trading sessions in positive territory and was the result of continued worries about the weak state of the economy.

Among companies in the television business, Crown Media dropped more than 8% to finish at $1.25.

CBS, Viacom, Time Warner, Scripps Networks and DirecTV all declined more than 2%.

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.