Cord-Cutters Hammer Media Stocks

SNIP!

Updated Apr. 14, 2017 10:12AM EDT / Published Aug. 06, 2015 8:56AM EDT

Shares in U.S. media companies were hit with a steep selloff Wednesday after Walt Disney indicated that as many as 3.2 million people dropped ESPN from their cable packages. Disney shares ended the day down 9.2 percent, but the cord-cutting effect wasn’t limited to the House of Mouse. Time Warner fell 8.5 percent; Viacom declined 7.5; and Discovery Communications was down a whopping 12.1 percent. All of them rely on fees from cable subscribers. Analysts suspect customers are outright trading cable TV subscriptions for Netflix and iTunes or paring down cable packages.

Read it at CNN Money

Arizona House Votes to Repeal Civil War-Era Abortion Law

A pair of Republican lawmakers from the Phoenix area, and another from a rural part of the state, joined Democrats to vote to repeal the 19th century bill.

Ryan Seacrest and His Girlfriend Call It Quits: Report

A source close to the couple told PEOPLE that the pair planned to remain friends.

Gateway Pundit Files Bankruptcy Amid Defamation Lawsuits

The far-right conspiracy website claimed it needs to “consolidate litigation” and reorganize as its become a victim of “progressive liberal lawfare attacks.”

Billie Eilish on Masturbation: ‘People Should Be Jerking It’

“Last year, I realized I wanted my face in a vagina,” Eilish told Rolling Stone in a new interview.

Trump’s Sons Don’t Want ‘John Boltons’ in Next Admin: Report

Don Jr. and Eric Trump have reportedly taken the reins on assembling their father’s potential White House transition team.

NPR’s New CEO Strikes Back at Her ‘Bad Faith’ Detractors

Critics have resurfaced Katherine Maher’s past comments and questioned her objectivity.

Ex-Boeing Manager Says ‘Hustling Parts’ Got People Promoted

Merle Meyers gave 30 years of his life to the company but says he was reprimanded after sounding the alarm over employees mishandling parts.

Kanye West Wants to Open a Porn Studio: Report

A rep for the embattled artist told TMZ that he’s in “advanced talks” to set up the project as part of his Yeezy company.

Cord-Cutters Hammer Media Stocks