Viacom Hardest Hit in Meltdown of Media Stocks

Wall Street Journal: After a wild ride in August, the stocks of many major media companies ended the month with double-digit declines. For media companies — particularly TV network owners – global growth worries only added to fundamental concerns about how the industry will cope with an increasing number of consumers cutting the cord. The meltdown in media stocks started earlier in the month as many companies reported disappointing earnings results. Among the hardest hit stocks in the sector, Class B shares of Viacom tumbled 28%.