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One sign a recession is not coming: Strong advertising

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Moonves: CBS cross-platform viewership up 6%

It looks like the beating media stocks took last week may have been unfair.

Despite plenty of positive signs — Disney beat across the board, Time Warner raised guidance, CBS said it sees the ad business booming over the next two quarters — big media stocks were pummeled last week amid an overall market downturn.

But Tuesday, many media shares were outperforming the market: CBS up almost 4 percent, Fox was up 3.8 percent, and Viacom was rebounding from last week's losses, up 6.5 percent. While stocks were dragged down by concerns about the weakening TV bundle hurting subscriber fees, those fears may now be lessened as investors realize that there's plenty of good news in the ad market.