Media companies have settled on a strategy to combat declining viewership at their TV networks: spend, spend, spend.
Discovery Communications, Viacom and Starz have all said in recent weeks that they must spend more on programming. While that’s good for viewers, who get to watch an unprecedented number of new TV shows, it’s worrisome for investors who have already sent media stocks tumbling over concerns about shrinking TV audiences and slumping advertising sales....
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