Investors Sense Slowdown at Cable Nets.
Multichannel News, October, 1998 by Gibbons, Kent
Viacom Inc.'s share price tumbled last week, partly over concern that its bellwether cable networks may be seeing slower cash-flow growth. Even though the analysts who sparked the concern later said that investors overreacted, the fears appeared to spread to other network owners, including USA Networks Inc.
and Time Warner Inc. The Walt Disney Co. already had a bad patch earlier this month, after analysts, anticipating its third-quarter results, trimmed their profit forecasts. Last Tuesday, analysts at Merrill Lynch & Co. and Deutsche Bank Securities downgraded Viacom and lowered their profit estimates, spurring a sell-off that dropped Viacom's share price by more than $10 at one point, before the stock closed at $56.75 -- down $6, or about 10...
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