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Media Stocks Hammered As Markets Plunge

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A day after CBS said it would merge with Viacom, shares of both fell more than the broader markets on a bad day for Wall Street.

It was in inauspicious first day of trading for Viacom and CBS post their announcement they'd merge to form a single company dubbed ViacomCBS, falling 8 percent and 9 percent, respectively, as stocks — media shares, in particular — were hammered Wednesday on concerns the economy is headed for recession.The Hollywood Reporter

Among the big losers were the theater chains, with Cinemark and Imax off 4 percent while iPic Entertainment, which runs a string of theaters with luxurious seating and extravagant dining options collapsing 24 percent, eight days after the company filed for Chapter 11 bankruptcy protection. That said, the leader in premium streaming, Netflix, also dropped 4 percent on Wednesday, while Amazon dipped 3 percent, as did YouTube parent, Alphabet. New-media giants Facebook and Twitter fell 5 percent and 4 percent, respectively, and Snap, which runs Snapchat, fell 4 percent. Roku, a normally highflying streaming TV company, also dipped 4 percent.

 

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