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More Bad News For Media Giants Sends Netflix Higher

Viacom's (NASDAQ:VIAB) 9% drop in fiscal Q3 U.S. ad revenue due to a decline in ratings added to fears that traditional media and cable firms are losing the battle againstNetflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN).

Earlier in the week, Walt Disney (NYSE:DIS) sparked the media stock sell-off after saying ESPN has lost a "modest" number of subscribers and trimming its guidance for cable operating income growth.

Late Wednesday, 21st Century Fox (NASDAQ:FOXA) said its cable unit saw a 7% increase in revenue but that domestic advertising revenue fell 2%.

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