Big media conglomerates saw their shares fall in the wake of a big carriage dispute between Charter and Disney
Shares of several big media and entertainment companies tumbled Friday as investors considered the potential fallout from an impasse between cable giant Charter Communications and media titan Walt Disney Co.
On Thursday, Disney said it had pulled major networks such as ESPN and ABC from Charter systems after the two companies could not come to terms on a renewal of their carriage license. Charter’s systems reach a little under 15 million subscribers in markets that include New York City and Los Angeles.
