Major media stocks experienced a sharp slide today, as an apparent reassessment of the valuation of the industry continued, CNN reports.
“You could call it an August Reset,” CNN reports. “A sell-off that started more than two weeks ago was refueled Thursday morning when a prominent analyst, Bernstein’s Todd Juenger, downgraded Disney (DIS) and Time Warner (TWX).”
Disney, a Dow 30 stock, lost 6% on the day to settle at $100.01, a six-month low. It’s decline was felt by the overall average.
Time Warner was off 5% at the close, to $73.90, the lowest point for the stock this year.
“Other owners of television channels and programs also suffered. Viacom (VIA) closed down 6.2%. 21st Century Fox was down 4.2%. Comcast (CMCSA) was down 2.6%,” CNN reports. CBS Corp. and Discovery Communications were both down 5.1%, while Scripps fell 5.0%.
“Netflix (NFLX, Tech30), which continued its meteoric rise even as traditional TV stocks slipped earlier this month, also skidded on Thursday, down almost 8% at the end of the trading day,” CNN notes.