Mainstream Media Stock Prices Collapsing As People Choose Internet Over TV

‘The long-term decline in viewership for America’s big TV outlets is finally starting to catch up to their stock prices. Since 2009, media stocks have been some of the best performers in S&P 500, but the last few days have seen $50 billion wiped from these companies.

According to Bloomberg,

Ignited by a plunge in Walt Disney Co., shares tracked by the 15-company S&P 500 Media Index have tumbled 8.2 percent in two days, the biggest slump for the group since 2008…In just five stocks — Disney, Time Warner Inc., Fox, CBS and Comcast Corp. — almost $50 billion of value was erased in two days. Viacom slid 14 percent on Thursday alone, its biggest drop since October 2008.

Stock analysts say the reason behind the drop is simple on the surface: many of the media companies missed their profit projections, prompting investors to drop their stocks. Disney has lowered its growth projections for its sports brand, ESPN, while Viacom reported lower revenues than expected, which triggered a sell-off.’

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