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September 6, 2011 by · Leave a Comment 

Amid growing pessimism about the economic recovery, media stocks plunged wildly after the market opened today (Tuesday). CBS Corp., which depends on advertising more than any other major media company, was hit hard in early trading, as its shares dropped nearly 6 percent but closed down 1.76 percent. But Sony Corp. did not experience a similar rebound, sliding 4.20 percent, bringing it down below its 52-week low to $19.86. Cablevision Systems plunged 4.5 percent to $17.04. And News Corp, whose executives are facing new investigations into telephone hacking in the U.K. was down .36 percent to $16.50.