Netflix’s $5 Billion Budget Sets Off Arms Race in Cable

Bloomberg: Discovery, Viacom and Starz have all said in recent weeks that they must spend more on programming. While that’s good for viewers, it’s worrisome for investors who have already sent media stocks tumbling over concerns about shrinking TV audiences and slumping advertising sales. “TV is losing audiences, and you’re trying to have new stuff to keep audiences engaged with your programming.”