Media company stocks continued to drop as a round of earning announcements have heightened concerns about both advertising and distribution revenue growth.
In late morning trading Thursday Viacom was down more than 18% after announcing lower earnings and less-than-expected revenue growth. AMC, which also announced earnings this morning, was down 9%
The selloff was sparked on Tuesday when Walt Disney Co. announced that ESPN's profits might grow slower than expected because of declines in subscribers. As more media companies reported earnings and held conference calls with investors on Wednesday, the focus on revenue intensified and share prices fell.
During Thursday's late morning trading, 21st Century Fox was down another 12%; Time Warner was down another 5%, Disney was down another 4%, and Comcast and CBS were down more than 2%.