Closing Glance: Media companies' shares fall

NEW YORK (AP) - Major media companies' stocks fell with the broader market Monday after a Federal Reserve official said the financial and housing markets could still get worse. In industry news, a Lehman Brothers analyst downgraded shares of News Corp., CBS Corp. and Walt Disney Co. He cited a range of challenges facing the entertainment and media industries, including depressed consumer spending, weak advertising spending and the rise of digital content distribution. In other industry news, NBC Universal and two partners reached a deal over the weekend to buy The Weather Channel from Landmark Communications Inc. How shares of some major media companies performed on Monday: Walt Disney Co., down 82 cents, or 2.7 percent, to $30.08. News Corp., down 13 cents to $14.63, after hitting a five-year low of $14.29 during the... [read full story]