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Disney Drop Sends Media Stocks Toward Worst Decline in 30 Years

  • Promise of easy transition to digital era gives way to losses
  • Disney’s one-day stock loss is steepest since September 2001

Walt Disney Co. just suffered its worst one-day rout in 21 years. Warner Bros. Discovery Inc., Lions Gate Entertainment Corp. and AMC Entertainment Holdings Inc. are all trading for less than $10. Paramount Global -- the home of MTV, CBS and Top Gun: Maverick -- has lost half of its value this year.

In a matter of months, Hollywood’s feel-good streaming story has turned into a horror show.