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%

Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.