Big media struggles in Q1

March 31, 2008 The stocks of major media and entertainment companies tumbled during the first quarter, with all sector biggies except for Viacom hitting new 52-week lows amid weaker overall markets and concerns about the advertising market outlook fueled by fear of a recession. The Hollywood Reporter Showbiz 50 stock index lost 17.8% in value in the first three months of the year compared with its 2007 closing price. Netflix shares were one of the big new-media gainers in February, and Piper Jaffray analyst Michael Olson recently predicted the firm will continue to exceed financial expectations this year.

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