After a day when Viacom lost 21%, it took another 4.7% decline on Wednesday to close at $31.37. Walt Disney sank 3.8% to $88.85. On Tuesday, before it released its quarterly earnings, Disney was slightly up 0.2% -- before sinking over 4% in aftermarket trading.
Comcast Corp. -- owner of NBCUniversal -- lost 4.1% to $55.81, after declines earlier in the week. On Monday it had been trading at the high of $60. Time Warner closed down 5% to $60.07. On Monday it opened at $67.81.
But two other big media companies did not suffer to the same degree -- 21st Century Fox was up 0.8% to $24.33; CBS, adding 0.5% to $42.88.
Analysts point to some concerns over future weaker affiliate revenue for media companies with established cable networks.
The Dow Jones U.S. Broadcasting & Entertainment Index declined 2% on the day to 960.61. That index has been down 6% since the close of the markets on February 4.
Since early August, when Disney first disclosed subscriber declines for its ESPN network, the index has declined 20%.