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Why Big Media Isn't So Worried About Cord-Cutting


Just how bad is this cord-cutting thing?

We may soon find out. Big media companies like Disney (DIS) , Time Warner (TWX) and 21st Century Fox (FOXA) will be reporting third-quarter earnings in the coming week. And one of the things investors will be watching for is how much the historic shift of viewers and advertisers to the Internet is hurting traditional TV viewing.

Media stocks plummeted in early August after Disney CEO Robert Iger told investors that subscriber rolls at ESPN were experiencing a "modest" decline. The fear among investors was that if ESPN was losing customers, every other broadcast and cable-TV company must be losing subscribers as well.

From indications this past week from Comcast (CMCSA - Get Report) and Time Warner Cable (TWC - Get Report) , the country's two largest cable-TV...