Media stocks were hammered for a second day Thursday as Viacom’s underwhelming earnings gave investors another reason to sell, after industry bellwether Disney earlier in the week trimmed a profit outlook due to more people cutting the cord on pay-TV packages.
LOS ANGELES — Signs that pay TV’s pricey bundles of channels are starting to unravel finally took a toll on major media companies.
Media stocks were hammered for a second day Thursday as Viacom’s underwhelming earnings gave investors another reason to sell, after industry bellwether Disney earlier in the week trimmed a profit outlook due to more people cutting the cord on pay-TV packages.