The media industry has battled a tumultuous 2022.
Rising costs, debt-ridden balance sheets, and a renewed focus on profitability weighed on the embattled sector as investors quickly punished companies struggling to turn a profit.
Netflix (NFLX) shares are down about 50% on the year, while companies like Warner Bros. Discovery (WBD) and Spotify (SPOT) have sunk more than 60% with Roku (ROKU) plummeting a whopping 80%.
Cable operators Fox (FOX) and Comcast (CMCSA) dropped roughly 20% and 30%, respectively, as Paramount Global (PARA) shares plunged more than 45%.
Disney (DIS), once a Wall Street darling, also slid 45% on the year, and the stock is heading toward its worst year since 1974 after the much-anticipated “Avatar” sequel missed opening weekend expectations to cap off a challenging year for the House of Mouse.
In this year alone, the stock market wiped a whopping $500 billion… Read full article
