Hollywood giant Disney’s shares dropped 0.7 percent early in the session, while Comcast’s and Discovery’s were down 1.1 percent each, and Fox News parent Fox Corp. saw its stock decline 1.3 percent. WarnerMedia owner AT&T’s stock dropped 0.5 percent, and ViacomCBS lost 0.8 percent in value.
But the market decline also saw Netflix’s stock trade down 1.8 percent, and Twitter lose 1.7 percent of its market value, among others.
Analysts have noted that the novel coronavirus pandemic has hit TV advertising revenue at media and entertainment giants, even though the second quarter is believed to have marked the low point. Film and TV productions have also been delayed, and film releases in cinemas pushed back.
This article was originally published by The Hollywood Reporter.