New York | The largest US media companies have collectively shed nearly $US400 billion ($574 million) in market value this year, as recession worries, an advertising slowdown and post-pandemic audience trends ignite a “perfect storm” for Netflix and its peers.
Big US media stocks have fallen on average by 35 per cent since the start of the year, compared with a 13 per cent decline in the S&P 500 index, resulting in total losses of $US380 billion in market capitalisation.
