×

Media Stocks Hang Tough as Markets Plunge for Second Day

Media stocks are proving to be mostly resilient on a second day of steep losses for key Wall Street indexes in a market sell off fueled by fears of trade wars, tariff threats and economic jitters around the world. The market battled back in the second half of the trading day and ended in flat territory for the Dow Jones Industrial Average and NASDAQ.

The Dow was down nearly 700 points early on in trading Thursday but recovered slightly by noon ET to a loss of about 600 points, or about 2.5% of total value. The Dow slide came on the heels of a nearly 800-point drop on Tuesday. (U.S. markets were closed on Wednesday in honor of the state funeral for former President George H.W. Bush.) The Dow closed the day down 79.40 points or less than one half of one percent.

Most media stocks posted slight gains for the day. Discovery saw a 4% gain to $29.15 among positive analyst reviews of its Scripps Networks Interactive integration and more M&A speculation. AMC Networks perked up 2% to $58.18. Both companies are seen as acquisition targets next year as the consolidation push in media gains more steam.

Netflix was also in positive territory for the day (2.7%) after taking a hit on Tuesday.

Popular on Variety

More Biz

  • iQIYI headquarters building in Beijing

    Chinese Streamer iQIYI Squeezed by Changing Content Context

    Chinese video streaming giant iQIYI saw its losses deepen, in the April to June second quarter of its financial year. The company grew subscriptions, but was hit by rising content costs and lower advertising revenue Its parent company, Chinese search leader, Baidu saw its year on year profits drop, though it recovered from loss in [...]

  • Plume of black smoke rising from

    Universal Music Says ‘Many’ Suing Artists’ Masters Were Not Damaged in 2008 Fire

    UPDATED: Late Friday the attorneys representing Soundgarden, Steve Earle and the estates of Tom Petty and Tupac amended their lawsuit against Universal Music Group over damages to their music archives as a result of a 2008 fire. While most of the amended complaint updated details in the original document — adding information about UMG’s alleged [...]

  • Lady Gaga

    Variety Earns 14 Folio: Eddie & Ozzie Award Nominations

    Variety has received 14 Folio: Eddie & Ozzie award nominations for its coverage of the entertainment industry over the past year. The awards gala, which will take place at The Hilton Midtown in New York City on Oct. 30, celebrates publications that have demonstrated impressive investigative journalism, in addition to thoughtful digital and print design. [...]

  • Bob Bakish Joe Ianniello

    ViacomCBS Sets Board Members; Bob Bakish, Joe Ianniello New Deals Disclosed

    ViacomCBS has unveiled the 13 members of its board of directors and details of new employment contracts for president-CEO Bob Bakish and CBS chairman-CEO Joe Ianniello. The disclosure came Monday in a filing with the Securities and Exchange Commission, six days after Viacom and CBS at long last set an all-stock merger agreement valued at [...]

  • Spotify Announces Upgrades to Family Plan,

    Spotify Announces Upgrades to Family Plan, at No Charge in U.S. and U.K.

    Just days after reports emerged that Spotify is aiming to increase the price of its family plan in its home market of Scandinavia, the streaming giant announced an upgrade to the plan — with no price increase in the U.S. and U.K., where it remains at $14.99 and £15, respectively. A rep for the company [...]

  • Untold Stories Film Program

    Robert De Niro's Company Files $6 Million Suit Against Ex-Employee

    Robert De Niro’s company has filed a $6 million lawsuit against a former employee, accusing her of embezzling money and binge-watching Netflix while on the job. Canal Productions, De Niro’s loan-out company, also accuses Chase Robinson of racking up exorbitant hotel and restaurant charges and using millions of De Niro’s frequent flyer miles for her [...]

  • NEW YORK, NEW YORK - AUGUST

    Jay-Z Gets Shade From Kaepernick, Support From Cardi B as NFL Fallout Continues

    UPDATED: If anyone expected the drama surrounding Jay-Z’s deal with the NFL to calm down over the weekend, they were mistaken, as controversy and conversation continued to swirl. The situation grew even more intense late Friday when TMZ reported that Jay is looking to acquire a majority interest in an unspecified NFL team, which would [...]

More From Our Brands

Access exclusive content