Media Stocks Rebound As Stock Market Recovers

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The stock market rebounded Tuesday, reclaiming most of Monday's steep 600-point decline in which media companies were particularly hard hit.

The Dow Jones Industrial Average closed up 429.92, or 3.98% at 11,239.77.

Most companies in the television business recorded gains, but there were exceptions. Cablevision Systems, which shed 18% of its per-share value on Monday and whose earnings and subscriber numbers came in well below estimates when they were announced Tuesday morning, saw its shares decline another 12.81% to $17.02.

CBS, which has been hammered because it is still seen as a traditional broadcaster dependent on cyclical advertising revenues, bounced back on Aug. 9, up 14.88% to $24.48 per share.

Also recording a big gain was Scripps Networks Interactive, which announced strong ad sales as part of its second-quarter financial results, posted a 12% advance to $42.09 a share.

Discovery Communication and Viacom were each up about 7%, News Corp., which has been ensnared in a phone hacking scandal, reports its earnings Wednesday, was up more than 6% to $14.91.

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