Most media stocks 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 (August 5), 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.
See which media stocks bounced back at broadcastingcable.com.