Disney, Viacom, Time Warner and 21st Century Fox were just some of the media companies suffering on the stock market this week. Drops on Wednesday wiped out $37 billion in market capitalization among those companies and others. The fear is that media companies will continue to lose profits as more and more people cut the cord or younger viewers never sign up for cable in the first place. Viacom especially took a tremendous hit. The company has been struggling for a while, and today they lose their most popular person on Comedy Central -- Jon Stewart. Nickelodeon, another Viacom property, continues to lose young audiences to streaming services like Netflix. News of the struggles on Wall Street hit as television critics sat through the summer press tour at the Beverly Hilton. The most buzzed about presentations so far haven't been traditional TV networks at all, but Netflix and Amazon.
FROM THIS EPISODE
More From Hollywood Breakdown
Some top showrunners at Fox speaking out against Fox News In the wake of the crisis at the border, some Hollywood creatives who work in the film and TV division of Fox are calling out Fox News, based on what they believe is biased coverage of the separation of children and their parents.
Looking ahead to the AT&T-Time Warner merger decision A decision is expected on June 12 as to whether AT&T will be allowed to buy Time Warner. The Justice Department sued to blocked the merger, supposedly on the basis of antitrust laws, but many speculate more political motivations because Trump is no fan of CNN, which is owned by Time Warner.
LATEST BLOG POSTS
The battle over water in Santa Barbara’s high desert Cuyama is one of 21 critically overdrafted groundwater basins in the state. Now, the community must come together and figure out a way forward before there’s nothing left. Read More
Snap is leaving Venice, but its imprint remains Social media giant Snap Inc. is moving out of Venice, the city that presided over its now $3 billion success story. The news comes as a relief to many in… Read More