Media Stocks Best Proving Malone Wrong: Riskless Return
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Entertainment companies are proving a safer bet than Liberty Media Corp. Chairman John Malone forecast four years ago, when he predicted some would follow the decline of music labels and newspapers amid online competition.
U.S. media stocks, instead of faltering, produced the best risk-adjusted return since the end of 2011 of the 24 industries in the Standard & Poor’s 500 Index, according to the BLOOMBERG RISKLESS RETURN RANKING. The stocks tied with pharmaceuticals for the biggest improvement from the prior three years, as concern faded that customers would cancel their pay television subscriptions in favor of online services.