Media Stocks Slide As Market Dives Again

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Media stock suffered above average declines as the stock market continued to drop amid concerns about the economy.
In late morning trading, the Dow Jones Industrial Average was down 247.34 points, or 2.16%, to 11,197.27. The market had a tough week last week, but finished up 61 points on Friday.
Among companies in the TV business CBS, was hit the hardest, sliding $1.36 a share or 5.72%. CBS reported strong earnings last week, but its stock has been dropping nonetheless.
Cablevision Systems, which reports earnings Tuesday, was down almost 5% and phone-hacking scandal plagued News Corp., which releases its full-year financial results Wednesday, was down 3.36%.
Also taking a hit were Time Warner and Crown Media, down more than 3% and Disney, Discovery, Viacom, Comcast and Scripps Networks Interactive, which were all down more than 2%.
In addition to general concerns about sluggish economic growth and persistently high unemployment rates, the market was also dealing with Standard & Poor's decision on Friday to downgrade its rating on the United State's debt from its highest grade of AAA to AA+.