Media stocks slide as worries overtake markets

Big-media stocks such as CBS Corp and News Corp tumbled Monday amid broader declines in the US and Europe driven by renewed economic concerns and doubts that the recent rally can continue. US markets have moved higher since a low point in early March, driven by optimism that the worst of the economic downturn might be over, and media and entertainment stocks often outpaced the overall gains. 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. That has led to market stutters as of late. Media and entertainment investors also have waited for signs of a real improvement in advertising trends.