• by Wayne Friedman , August 21, 2023

Year-over-year reading of legacy-based media companies’ stock prices shows continued declines, while CTV-focused digital media are generally posting higher, more favorable results for investors.

Paramount Global, Walt Disney and AMC Networks are just a few among the legacy media companies -- those with significant live TV over-the-air business -- that have seen steep stock-market declines.

Over the 52-week period, Paramount is down 40% to $14.64, while Disney is 26% lower to $85.88 and AMC Networks is off 56% to $11.39.

Veteran pay TV provider Dish Network is down 63% to $6.40. 

Major independent TV station groups are also down, with Sinclair Inc. falling 44% to $13.32. Nexstar Media Group is 17% lower to $161.00, and Tegna is off 24% to $16.33.

However, some legacy TV operators are bucking the trend: Warner Bros. Discovery and Fox Corp. are virtually flat, slipping 0.5% to $12.65 and down 4% (to $33.20) respectively, compared to 12 months ago.

By comparison, digital and CTV-focused businesses are higher: Netflix is up a huge 80% to $408.29 with Roku adding 10% to $78.19. Demand-side platform The Trade Desk is 15% higher to $73.34.

Two traditional, media legacy pay TV providers are handling a transition in businesses to a greater focus on CTV and streaming from live, legacy TV and building out internet access and mobile communications: Comcast Corp. is up 22% to $45.86, while Charter is down just 4% to $419.88.

Mid-size traditional pay TV company Altice USA has been down 69% over the past year with a 34% decline over the past six months. Its Monday stock price closed at $3.05.

Newer pay TV provider FuboTV has seen a mixed bag of results -- down 49% year-over-year, but 24% higher during the most recent six-month period. Closing Monday stock price for the company was at $2.07.