Disney, Time Warner lower as Bernstein downgrades on fee worries – Twenty-First Century Fox, Inc. (NASDAQ:FOX) | Seeking Alpha#

Disney, Time Warner lower as Bernstein downgrades on fee worries

Walt Disney (DIS -3.1%) and Time Warner (TWX -2.3%) are both off following downgrades from Sanford Bernstein, to Market Perform, on the usual worries about affiliate fees. The market is valuing ad-supported TV businesses as

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