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Media stocks are getting destroyed

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An employee arranges discarded televisions at a newly opened electronic waste recycling factory in Wuhan, Hubei province March 29, 2011

(REUTERS/Stringer) There's a massive sell off underway in shares of media companies.

After Disney's huge 9% loss on Wednesday, it seems that many of its media peers are following the company lower as markets weigh the implications of a cable-bundle legacy that could be facing a major shakeup.

In early trade on Thursday, Disney shares were down another 4%.

Some of the other damage includes:

  • 21st Century Fox: -10%
  • Viacom: -11%
  • Scripps Networks: -6%
  • ...