TV and media company stocks fell sharply on Wednesday, with Viacom and AMC Networks dropping more than 6% in late trading.
It wasn't clear what was fueling the selling. Some tied the declines to the launch of Hulu's live package, which could put pressure on ratings and traditional pay-TV subscription. Another negative was Time Warner reporting that its Turner unit's ad sales fell 2%, possibly signaling a weak ad market and a slower than expected upfront. Last week, Comcast's NBCUniversal said ad sales at its cable networks were also down in the first quarter.
Time Warner's earnings overall were better than expected and its stock was down only slightly.
21st Century Fox, Discovery Communications and Scripps Networks Interactive dropped more than 4%; Comcast, CBS and Disney were down more than 2%.
(Photo via 401(K) 2012's Flickr. Image taken on Feb. 21, 2017 and used per Creative Commons 2.0 license. The photo was cropped to fit 9x16 aspect ratio.)
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