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Which Battered Media Stocks Will Survive Fickle Viewers?

It's a question everyone asks and no one knows how to answer: Which media companies will survive as online video disrupts the pay-TV model that has sustained large media companies for more than 35 years?

With the future of media particularly unclear, investors have the jitters.

CBS (CBS - Get Report) loves to tout itself as "the most-watched network" but its shares have dropped 22% this year. Shares of Discovery Communications (DISCA - Get Report) , which has aggressively expanded into Europe, have fallen 38% since the beginning of 2014. Shares of Scripps Networks Interactive (SNI - Get Report) , owner of the mainstream channels HGTV and Food Network, has tumbled 26%...