WWE

Britain’s vote to leave the European Union hammered stocks of media companies Friday, especially those with extensive European presence.

Among the hardest hit was Discovery Communications. Its shares fell more than 7% during Friday afternoon trading. In a statement, the programmer said it respects UK’s decision. “Discovery Channel launched in the U.K. in 1989 and since then it has become one of our biggest markets and a critical creative and business hub. As a global company with a significant presence in 220 markets, we are accustomed to operating in an industry and a world where change is constant. We will work closely with U.K. and E.U. leaders to successfully navigate this change and find new opportunities to shape our future. In the short-term and medium-term, our currency hedging program will significantly minimize the foreign exchange impact of the Brexit vote on our financial performance,” the company said.

21st Century Fox also fell hard, down more than 7% Friday afternoon, followed by Viacom (down around 5%) and Time Warner (down more than 4%). Operators performed better, with Comcast falling around 1.4%, Charter down around 3%, and AT&T down 0.25%. DISH was among the hardest hit MVPDs, falling more than 5%, while Verizon was one the very few media stocks that actually went up (+0.05%). In a research note, Wells Fargo analysts noted Brexit has wiped out most of media stocks’ weeks’ gains with in the first hours of trading.

 

The Daily

Subscribe

People

Charter upped Adam Ray to evp, sales operations & planning, adding oversight of sales, retention and analytics to his responsibilities. Sharon Peters , svp marketing, is now overseeing the full marketing

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up

Calendar

Jul 16
Diversity List – 2021 Nominations Due: July 16, 2021
Sep 10
Most Powerful Women – 2021 Nominations Due: Sept 10, 2021
Dec 7
Most Powerful Women CelebrationSave the Date!
Full Calendar

Jobs

Seeking an INDUSTRY JOB?
VIEW JOBS

Hiring? In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors, The result will be an even more robust industry job board, to help both employers and job seekers.

Contact John@cynopsis.com for more information.