Media stocks around the world taking a beat down

-SDH Media stocks are feeling the pain of a looming global recession which is good but bad news for people like Time Warner's Jeff Bewkes whose appointment as CEO has yet to tickle the stock. The whole world just seems to be fucked financially right now and the media industry which was already not looking too good is looking even worst. Disney is down 11.7%, News Corp is down on class by shares 8.9% and Time Warner, well Time Warner has been down since the whole AOL thing. Its not only here though. Media industry stocks overseas are also in a free fall. In London, jitters about the U.S. economy and the woes of financial services giants sent the FTSE top 100 shares down 323 points to 5,578, a plunge of 5.5% to the index's lowest level since 9/11 territory. Big media stocks were off, but not quite as much as the overall U.K. market. Shares in satellite broadcaster BSkyB lost 3.3% to close at 506p ($9.83), while shares in commercial broadcaster ITV were down 3.7% at 70.2p ($1.36). Germany's DAX index slid 7.2%. In line with that decline, shares of pay TV giant Premiere ended down 7.3% at EUR13.30. The Mohn Family of Germany's Bertelsmann AG must have big smiles across their faces reading news like this. They are hell bent on keeping their company private.