Media Stocks Hit Hard as Dow Plunges 800 Points

Shares of media-industry stocks fell in tandem with an overwhelmingly negative market, which offset enthusiasm for the merger of Viacom and CBS and other parts of the sector.

Shares of Viacom were off $2.49, or 8.52%, in Wednesday trading, down to $26.72 from $29.21. Shares of CBS, meanwhile, were off $4.05, or 8.32%, down to $44.65 from $47.54.

The Dow Jones Industrial Average plummeted Wednesday after investors were spooked by the bond market as well as weak economic data from Germany and China.

During an investor call Tuesday, executives from both CBS and Viacom made their pitch for the power of the combined entity, which would operate the CBS television network,
See full article at Variety - TV News »

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