Media stocks hammered as markets plunge
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 S&P 500 dropped 3 percent on Wednesday when 48 of the 50 media stocks tracked by The Hollywood Reporter fell, the exceptions being World Wrestling Entertainment, up 1 percent, and Helios and Matheson Analytics, the parent of MoviePass that is a less-than penny stock and is fighting for its mere survival. 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. While movies are presumed "rescission-proof" because Americans flock to theaters in hard times, the presumption is largely a myth , particularly when tickets can cost north of $10 apiece and when streaming media offers on-demand viewing of films and TV shows for less than $17 a month. 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. The sell-off in stocks Wednesday followed an inversion of the yield curve, meaning short-term Treasury notes rose above long-term notes, suggesting that investors have little confidence in the economy right now. The stock-market swoon caught the attention of President Donald Trump, who, in a tweet, blamed the Federal Reserve for raising interest rates. "CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!" the president tweeted. In another tweet, Trump said: "Our problem is with the Fed. Raised too much & too fast. Now too slow to cut." He also called Federal Reserve Chairman Jay Powell "clueless." Read more: Hollywood Reporter
CBS, Viacom agree to merge into media giantThe new company will have more than $28 billion in revenue and comprise brands such as MTV, Comedy Central and Showtime, as well as Paramount Pictures and publisher Simon & Schuster.
CBS and Viacom merge to form $30 billion media companyWith streaming video now the leading story, the two companies are fusing their war chests to better compete for viewers. Yay!! Bigger Better B-S!! God I hope I don’t have to see BBT on Comedy Central, I’ll die. It's basically a 2nd marriage.
These 7 retail stocks surged more than 5% after the Trump administration delayed China tariffsProducts with delayed tariffs include cell phones, laptop computers, game consoles, computer monitors, toys, and certain footwear and clothing items. Bed Bath and Beyond stock didn't get the text about Trump. It's down. BBBY stock. The Baltimore Orioles of retail stock.
We need to stop making mental illness look cool on social mediaThe trend of falsely portraying anxiety and depression threatens the already fragile well-being of more young people than ever before. Maybe it’s a way for people to cope , cuz they don’t really have anyone to talk to in real life , cry for help ?
‘He’s Off the Rails’: Anthony Scaramucci, on Another Media Blitz, Criticizes TrumpAnthony Scaramucci, the former White House communications director, has spent several days defecting from his usually pro-Trump stance. “He’s off the rails. And the honest people in the room know that he is crazy.” He can't show his face in High Society cocktail parties because he worked for Trump for 11 days. Trying to get back in. oh look, attention doxy Anthony Scaramucci has figured out a way to get his name into the news, and our feckless media is only too happy to oblige
Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets?Bob Bakish and Joseph Ianniello will preside over a film and TV empire that brings together 'Star Trek' and 'Mission: Impossible' — but many believe it needs to go on a buying spree to contend with Disney and Netflix. Yes Really nice breakdown ! Disney and Netflix are not very stable themselves right now.