Media Stocks Dip as Disney Reveals Losses at ESPN

Reuters: U.S. media stocks fell on Friday after Disney’s disclosure of a drop in subscribers at ESPN spooked investors, underscoring concerns that viewers are increasingly opting for online streaming over pay TV. Disney’s shares were down 3.6 percent at $114.44, weighing the most on the Dow Jones industrial average on a relatively quiet day after the Thanksgiving holiday. Time Warner’s shares were down 1.2 percent, 21st Century Fox 1.4 percent and Viacom 3.4 percent.