UPDATED 14:58 PM EST, January 2, 2013
LOS ANGELES (AP) — Shares of media companies rose Wednesday as fears of an advertising slowdown based on slower economic growth abated somewhat due to a deal to avert the so-called "fiscal cliff."
Movie studio owners could also benefit from a one-year extension of certain film and TV tax credits in the budget deal passed Tuesday.
But analysts said the market's reaction was driven more by relief over the broader agreement over taxes. Without it, TV networks' advertising revenues could have been hurt.
