News Corp, CBS, Hit 52-Week Lows

News Corp, CBS, Hit 52-Week Lows

It was a tough first half for big media and entertainment stocks as economic sluggishness, company-specific concerns and broader market declines -- particularly pronounced in June -- dragged down shares of all sector giants.

All conglomerates except for Viacom hit 52-week and other lows during the first quarter, while the second quarter saw News Corp., CBS Corp. and Sony tumble even farther.

Viacom also went into free-fall mode and hit lows during the second quarter, hurt by a cable network advertising revenue warning and concerns about a possible loss of its DreamWorks partnership. It leaves the stock as the biggest loser among sector giants at the half-year point.

Only 11 names on The Hollywood Reporter Showbiz 50 stock index finished first-half 2008 above their 2007 close, led by video game firm Take-Two Interactive, which Electronic Arts has been trying to buy. Its 39% gain is followed by Warner Music Group and Marvel (up 20% each) and DreamWorks Animation (up 17%).

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