US entertainment shares slide as Disney, Charter squabble over cable fees

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Chibuike Oguh and Bansari Mayur Kamdar

Disney on Thursday night blocked its cable channels, including ESPN and ABC, from being shown on Charter's Spectrum network after the two companies failed to secure a distribution agreement. Spectrum is the second largest U.S. cable provider, serving 14.7 million homes across large markets such as New York and Los Angeles.

Shares of Disney dropped 2.65% to a three-year low while Charter lost 3.4%. Warner Brothers Discovery Inc fell 10%, Fox Corp shed 6%, Paramount Global dropped 8%, while Comcast Corp, the largest U.S. cable provider, was down nearly 3%. Charter said Disney rejected its proposal for a new distribution deal that takes into account the rise of competing low-cost streaming services, which has fueled cord-cutting among its customers. The cable provider said it pays Disney $2.2 billion in annual programming costs, excluding advertising.

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