Media stocks sink Monday

June 22, 2009 Big media stocks took a dive Monday amid market declines in the U.S. and Europe driven by renewed economic concerns and doubts that the recent market rally can continue. U.S. markets have moved higher since a low point in early March, and media and entertainment stocks often have outpaced the overall gains amid recent signs that the worst of the economic downturn might be over. Still, economic growth seems unlikely to return until later this year and likely will be anemic, raising questions about how sustainable the upward momentum in markets is.

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