Pursuits
Disney Falls on ESPN Decline, Dragging Down Media Stocks
- ESPN lost 3 million subscribers in the fiscal year 2015
- Comcast, Time Warner drop on renewed concerns about cable TV
ESPN Subscription Growth Down 3%
This article is for subscribers only.
Walt Disney Co. dropped the most in three months after reporting that ESPN lost 3 million subscribers in a year, reviving concerns about shrinking demand for traditional pay-TV packages and dragging down U.S. media stocks.
Subscribers at the ESPN sports network, Disney’s most profitable channel, fell 3.2 percent to 92 million at end of October, according to a filing Wednesday after the market closed.