Bloody Friday For Media Stocks


Money down the drain? Perhaps that’s the case for some investors, as a wide range of radio and TV companies each suffered big losses on Wall Street to end the week.

Among the most significant drops were those for CBS Corp., Veritone, Discovery Networks, Entercom, and Viacom‘s Class B shares.

The losses as the clock hit 3pm Eastern came in concert with a steep drop for the Dow Jones Industrial Average, which closed down a massive 665.75 points to 25,520.96 — a 2.5% decline for the index.

Nasdaq was off 144.92, to 7,240.95, for a roughly 2% dip.

What’s to blame? Or, should the question be “who”?

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