MEDIA STOCKS MOSTLY IN GLOBAL FREE FALL
January 24th 2008 10:45
Media stocks are also feeling the pain of a looming global recession, and in the US Disney dropped 11.7 percent, News Corp is down on class by shares 8.9 percent and Time Warner just keeps going down.
In London, big media stocks were off, but not quite as much as the overall UK market. Shares in satellite broadcaster BSkyB lost 3.3 percent, while shares in commercial broadcaster ITV were down 3.7 percent.
In Germany, shares of pay TV giant Premiere ended down 7.3 percent.
But in Australia, shares in APN and Consolidated Media holdings, actually rose, the latter in the wake of news about a deal between the Murdoch and Packer sons.
The slide could be partly attributable; to the latest search numbers from Nielsen Online, which said that Microsoft gained nearly 2 percent on Google Search last month.
Reuters reported that while the tech sector is reeling on Wall Street, good news may emerge when Microsoft and Google deliver fourth-quarter earnings later this week.
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