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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
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ESPN Subscription Growth Down 3%

Updated on

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.