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A 'media meltdown'? Disney remark on TV viewing sends industry into tailspin

A 'media meltdown'? Disney remark on TV viewing sends industry into tailspin

It's been two days of harsh reckoning for the entertainment industry as long-simmering concerns about declining pay-TV subscriptions boiled up in quarterly earnings reports, leading investors to dump shares of media stocks amid worries that a key Hollywood money pot is threatened. The massive sell-off — one analyst called it "the media meltdown" — came after Walt Disney Co. warned investors late Tuesday that profit from ESPN and other cable channels would not be as robust as initially thought because fewer consumers are subscribing to full pay-TV packages. The sell-off continued Thursday as Viacom disappointed Wall Street with weak sales. Over the last two...

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