The news that cord-cutting is a much bigger problem than had previously been known or reported (except here at Breitbart News, where we have been covering this for years and not falling for the spin), roiled media stocks on Wednesday: And Big Media companies are among the hardest hit: Discovery’s -9.5%, Time Warner’s -8.7%, Disney’s -8.6%, Viacom is -7.8% (and touched a 52-week low), Fox is -7.1%, Comcast is -4.7%, and CBS is -4.5%. More broadly, DreamWorks Animation is down 11.9% after its disappointing earnings last night. Others hard hit include Madison Square Garden (-6.7%), AMC Networks (-6.7%), and Scripps Networks (-5.1%). Reports are that as many as 3.2 million subscribers have abandoned cable television in favor of much cheaper streaming options, like Netflix.. Previously, media companies have been happy talking around this issue; downplaying the numbers and the cataclysmic affect these subscriber losses will have on their bottom line.
The post Reckoning: Reality of Cord Cutting Drops Media Stocks appeared first on Breitbart.