two-day tumble of the media stocks was clearly an overreaction, because while
the impacted companies reported nothing on their quarterly calls this week to
inspire confidence in them, the selloff was way out of proportion to the scale
of their bad news...
when the stocks rebound, pay TV isthe cloud that will be hanging over the
media business for many years to come. The conglomerates will do their best to
tout increasing diversification, international growth and innovations in
addressable advertising, but they won’t do much to dispel the primary concern
anytime soon. This is the new normal, so let’s all get used to it.