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Most Media Stocks Drop for Second Day

Most media sticks fell for a second day as earnings reports highlighted the risk that distribution revenue could be hurt if the pay TV bundle is coming undone.

The biggest losses came at Viacom, whose earnings report included a big drop in ad revenue. Viacom’s stock finished down 14 % at $44.10 a share.

AMC Networks fell 5% to $75.01 a share after its earnings report.

21st Century Fox, which lowered its earnings guidance for 2016 during Wednesday night’s earnings call, was down 6% to $29.06. And Crown Media, which owns Hallmark Channel, reported strong earnings on Monday, but its stock still fell Thursday by 8% to $4.64.

Other programmers whose share fell included Comcast down 2% to $58.76, Disney down 2% to $108.55, Time Warner, down slightly to $79.19.

Bouncing back a bit in late trading were CBS, up 4% to $52.30, Discovery, up 3% to $29.88 and Scripps Networks, up 2% to $58.59.

The broader market was down slightly, with the Dow Jones Industrial Average off less than 1%