Media Giants’ TV Networks Face Shaky Future

Financial Times: Media shares first went into freefall at the beginning of August, when companies on both sides of the Atlantic suffered steep declines. Viacom, Discovery, ITV and Time Warner were among those hit: In one day of trading, $37 billion was wiped from the market value of the biggest media businesses. Television continues to be a highly profitable industry, but viewing habits are changing. New, digital services such as Netflix, Amazon and Hulu are luring talent — and viewers — from traditional TV networks. Investors are nervous, judging by the performance of media stocks.