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Older media stocks strong in face of tech sell-off

Jun. 12, 2017 11:29 AM ETParamount Global (PARA) StockDIS, NYT, CMCSA, GCI, SSP, GTN, WBD, VIAB, SNI, AMCX, FOXA, PARABy: Jason Aycock, SA News Editor6 Comments
  • With tech selling off in what many tech investors see as an overdue breather, older-line media is having a moment today.
  • CBS (NYSE:CBS) is up 2.3% today amid word that it's gotten an early jump on its upfront ad sales. Among other big broadcast nets: DIS +0.6%; FOXA +0.6%; CMCSA +0.2%.
  • Cable nets are having a good day as a group as well: AMC Networks (NASDAQ:AMCX) up 2.1%; Scripps Networks Interactive (NYSE:SNI) up 1.5%; Discovery Communications (NASDAQ:DISCA) +1.2%; Viacom (NASDAQ:VIAB) higher by 1.1%.
  • And among news publishers: Scripps (NASDAQ:SSP) is up 2.2%; Meredith (NYSE:MDP) up 1.7%; Gannett (NYSE:GCI) up 0.6%. The New York Times Co. (NYSE:NYT) is sitting out the rally for now, flat on the day.
  • Previously: Variety: CBS, cablers start early upfront ad sales (Jun. 09 2017)

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