Media Stocks Take Hit Amid Broader Market Plunge

Viacom, CBS, Time Warner See Stock Drops Amid Market Uncertainty | VarietyMedia stocks felt the pain of a broader market sell-off on Friday as the Dow Jones index dropped more than 300 points, its biggest plunge since August.Shares of all the major media congloms took a hit as the markets ended a rocky week with a big slide driven by fears about uncertainties in the global oil market.Viacom, which has been under scrutiny by - Link - investors, saw the biggest drop among media titans with a 5.3% decline to $41.59. CBS Corp. fell 3.5% to $46.84 and Time Warner dropped 3.5% to $65.47. In after-hours trading, CBS and Time Warner saw small upticks while Viacom was flat.Comcast tumbled 2.8% to $57.97 while 21st Century Fox gave up 3% to close at $28.16. Disney lost 2.7% to close at $108.04.The sell-off comes on the heels of numerous CEOs and analysts asserting in recent weeks that the bludgeoning that media shares took in August was an over-reaction to concerns about the long-term health of the cable TV business that is so central to media earnings. On Friday, however, media shares seemed to be swept along in a larger wave of investor concerns. href='' - -