Wall Street is nervous about the media sector, with analysts at both Goldman Sachs and Sanford Bernstein issuing negative reports on the sector today, writes MediaBuyerPlanner.

Anthony Noto of Goldman Sachs reduced estimates across communications, media and entertainment sectors, saying they are all economically sensitive and will be dragged down by the recession that GS is predicting, writes CNBC.

Noto is particularly concerned about radio broadcasting and newspapers.

The recession will be a mild one by historical standards, lasting only two or three quarters this year and easing in 2009, Noto believes. He says the internet and videogame businesses are among the few attractive areas of the industry, according to the Hollywood Reporter.

Sanford Bernstein’s Michael Nathanson believes media stocks will take it on the chin, with CBS Corp. hit the hardest. The worst-case scenario could have the firm revising earnings estimates down by 20 percent for CBS and down by 12 percent for Disney.