Jul 7, 2008
Digital threat prompts movie industry downgrade
A Lehman Brothers analyst downgraded the entertainment industry Monday and slashed forecasts for its five major companies, saying digital downloads of movies and TV shows posed a huge threat to profits from DVD sales that the companies rely on.
The stocks of The Walt Disney Co., News Corp., CBS Corp., Time Warner Inc. and Viacom Inc. fell slightly more than the broader market by the close, with CBS falling the most, by 4.7 percent, or 87 cents, to $17.73.
'Shifts from physical to digital will disrupt the marginal economics of the TV and movie businesses, just as it did for music,' analyst Anthony DiClemente said during a conference call.
Read full story from The Associated Press
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