Coronavirus Panic Impacts Media Stocks

Fears around the impact an outbreak of Coronavirus will have upon the U.S. economy saw record declines in the stock market beginning last week. The majority of companies operating in media, both big tech and traditional entertainment, felt the pain, with only Netflix entering March valued more than they were in February. The traditional entertainment companies, comprising MVPDs, network groups and major studios, had their market caps fall by $91.8 billion (6.4%). The four big tech firms (Google, Amazon, Facebook and Apple) saw $281.8 billion wiped off their valuations, or a decline of 7.1%.