Shares in media companies took a beating this week as the broader stock market edged downward. Over the past five days, the S&P 500 lost 5.1% to 1023.
This week, final bids came due for The Washington Post Co. (WPO)’s Newsweek . Two early suitors, Newsmax Media and hedge fund manager Thane Ritchie fell out of the running, , while a new bidder, Avenue Capital, joined the ranks of potential acquirers. Shares dropped 5.7% to $408.25.
At The New York Times Co. (NYT), executive editor Bill Keller assigned outgoing New York Times Magazine editor Gerry Marzorati to oversee the company’s new products and initiatives. Shares plummeted 9.6% to $8.50.
Meanwhile, Goldman Sachs changed its stock ratings on Disney, News Corp. and Time Warner. News Corp. and Disney got upgraded to a buy rating, and Time Warner got downgraded to hold.
News Corp. shares lost 7.2% to $13.48, Disney shares slipped 6.4% to $31.38 and Time Warner shares fell 8.3% to $28.20.