Media Stocks Dive As Market Collapses Again

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Media stocks were battered Thursday morning as the market plunged because of concerns over European debt and the global economy.

After several days of relative calm, the Dow Jones Industrial Average was down more than 400 points or 4%, after diving more than 500 points earlier. Several companies in the television business showed bigger declines.
CBS, viewed as dependent on advertising revenues, was off more than 7%. Cablevision Systems, News Corp., Viacom, Time Warner, Discovery Communications, and Scripps Networks were all down around 5%.