Most major media companies' shares fell with the broader market Tuesday morning as surging oil prices and a government report showing rising inflation stoked investors' concerns about consumer financial health.
Oil prices jumped to a new high after OPEC's president said his organization won't increase output before September. Also, the Labor Department reported wholesale inflation edged up by 0.2 percent in April and prices rose at a faster rate of 0.4 percent outside of food and energy.
On Monday, Gannett Co., the nation's largest newspaper publisher, said its operating revenue dropped 7.7 percent in April and New York Times Co. said its monthly revenue from continuing operations fell 2.2 percent.
How shares of some major media companies were trading Tuesday morning:
Gannett Co. Inc., down 30 cents to $29.50.
Time Warner Inc., down 9 cents to $16.32.
New York Times Co., down 9 cents to $18.54.
Walt Disney Co., down 34 cents to $34.38.
Bucking the trend, News Corp. shares gained 5 cents to $19.91.
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