U.S. markets gained Tuesday in the biggest presidential Election Day rally since 1984, driven by big boosts among banking and energy stocks. The Hollywood Reporter Showbiz 50 stock index also rose, closing up 4.4% at 813.80. The rare losers on the index were led by video game firm THQ, which lost 14.7% of its value, Scripps (down 3.5%) and TiVo (down 1.7%). Gainers included Entercom Communications (up 15.3%), British Sky Broadcasting (up 11.9%) and Viacom (up 9.4%). The Dow climbed 4.8%, or 305 points, to close at 9,625.28.
The FCC has launched an investigation into the pricing policies of major cable operators and Verizon Communications. The FCC's focus is TV service providers' practice of moving analog channels into digital tiers to free up bandwidth for other uses like HD channels.
NEW REED CEO
Business-to-business publisher Reed Elsevier has tapped Ian Smith as its next CEO. He will start as CEO-designate Jan. 1 until Crispin Davis' planned retirement in March. Among Reed Elsevier's key brands is Variety, which competes with The Hollywood Reporter.