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August 7, 2015
LOS ANGELES — Signs that pay TV's pricy bundles of channels are starting to unravel are starting to take a toll on major media companies.
Media stocks were hammered for a second day Thursday as Viacom's underwhelming earnings gave investors another reason to sell, after industry bellwether Disney earlier in the week trimmed a profit outlook due to more people cutting the cord on pay-TV packages.
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