Most major media companies' shares declined on Friday in a volatile trading session as rising concerns about Fannie Mae and Freddie Mac, the country's biggest mortgage financiers, fueled anxiety on Wall Street.

Investors also worried about the financial health of Lehman Brothers Holdings Inc. Its shares dropped more than 16 percent on Friday.

Meanwhile, oil surged as high as $147.27 as tensions with Iran continue to raise concerns about supply.

Here is a look at how shares of some major media companies performed on Friday:

New York Times Co. gained 3 cents to $13.65.

Walt Disney Co., fell 40 cents to $29.20.

News Corp. lost 23 cents to $14.47.

Time Warner Inc. fell 8 cents to $13.78.

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