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Media stocks tank after analyst says TV business is broken

TV-related stocks went through another massive selloff, after an analyst said the entire industry is “structurally impaired”

Just a couple of weeks ago, any media company with significant TV-related assets — including Disney, Comcast, 21st Century Fox and Time Warner — got hammered by investors, after a loss of subscribers at ESPN (which is owned by Disney) triggered fears about cord-cutting and the rise of streaming services. On Thursday it happened again, and this time the spark appeared to be some skeptical comments from a prominent industry analyst, who said that the entire industry is “structurally impaired.”

Disney DIS -6.25% alone lost 6% of its value, ending at its lowest level in six months, and has now lost more than $30 billion in market cap in a little over two weeks. Time Warner TWX -5.04% was also down about 5%, to its lowest level in 2015, and 21st Century Fox FOX -3.79% was down a little over 4%. CBS CBS -5.13% and Discovery Communications DISCA -5.07% were both down by about 5%, and Viacom VIA -5.67% dropped by more than 6%.

If the...