Wednesday was another bad day on Wall Street for major Hollywood firms. MediaPost reports that shares of Disney, Comcast, Time Warner and Viacom continued to struggle in a difficult market.
Viacom shares fell 4.7% Wednesday, with Disney down 3.8%, Comcast off 4.1% and Time Warner down 5%, the story reports. For Viacom, the loss followed a day in which the company’s stock plunged 21%.
Multichannel News notes that Viacom’s big plunge on Tuesday came after the company reported disappointing first-quarter results.
“Viacom’s domestic ad revenue dipped 4% in the fiscal first quarter, the latest in a long line of declines which apparently spooked investors enough to ignore an announced advertising venture with Snapchat and an extension to its carriage negotiations with Dish Network,” Multichannel reports.
Bucking Wednesday’s trend were 21st Century Fox, which ticked up 0.8%, and CBS, which rose 0.5%, MediaPost reports.