Investors seem to have decided that the pay TV business is in decline

"After years of insisting otherwise, investors seem to have decided that the pay TV business is in decline. Last week, triggered by an admission of weakness from Disney and ESPN, Wall Street pounded all of the big media companies, wiping out more than $50 billion in value. You can debate whether the selloff was an overreaction, or if certain companies are in better shape than others. But here’s a convincing argument for the overall thesis, delivered via a chart from researchers MoffettNathanson" (VIEW LINK)