Weak Viacom revenues deepen media slump

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  • Weak Viacom revenues deepen media slump

    Viacom shares fell by more than 14 per cent on another dark day for US media companies as the owner of Comedy Central, MTV and Paramount Pictures hit earnings forecasts but missed estimates on revenues. The media sector has been in freefall since Walt Disney revised its growth outlook for its ESPN sports channel this week. The declines continued on Thursday, with 21st Century Fox closing down more than 6 per cent after steeper intraday falls. The S&P 500 Media Index fell more than 2 per cent and is down 9 per cent from its July high.
    Anytime the media complex, especially ESPN, takes a hit, I celebrate.

    Makes my day.

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