The likes of 21st Century Fox, Time Warner, Disney and Viacom all took a shellacking amid investor anxiety about the long-term health of the television business. These concerns were inflamed this week after Sanford C. Bernstein analyst Todd Juenger wrote a blistering note that implied the cable and broadcast industries were in shambles. Cord-cutting will accelerate, ratings will erode and advertising is in a state of decline, he argued, all while downgrading Disney and Time Warner. Moreover, the fees that affiliates pay to air shows could also be at risk.
Source: Media Stocks Plunge on Fears About Health of TV Business | Variety