Kuwait Times - - BUSINESS -

could de­cide to keep pro­duc­ing oil at its present rate, which might make prices fall fur­ther.

That pre­mium on the price of oil “can move up dra­mat­i­cally but also come down or dis­si­pate just as quickly,” Krosby said. Dis­ney fell $3.54, or 3 per­cent, to $115.13, its big­gest one­day loss since Au­gust. Late Wed­nes­day, Dis­ney dis­closed that US sub­scribers to its ESPN sports chan­nel fell for the sec­ond year in a row, to 92 mil­lion as of Oct. 3, match­ing the low­est to­tal since 2006. ESPN’s sub­scriber to­tals had hov­ered around 100 mil­lion for years.

Dis­ney has said that ESPN has lost sub­scribers, but in­vestors ap­peared shaken by the size of the losses. Small but grow­ing num­bers of peo­ple are opt­ing out of tra­di­tional ca­ble TV bun­dles and buy­ing smaller, less ex­pen­sive groups of chan­nels in­stead. In­vestors in me­dia com­pa­nies are wor­ried about po­ten­tial losses of sub­scribers and rev­enue.

A dis­pute over the health and men­tal ca­pac­ity of me­dia mogul Sum­ner Red­stone hit shares of Vi­a­com, the owner of me­dia prop­er­ties in­clud­ing Para­mount Pic­tures, Com­edy

NEW YORK: Trader Peter Tuch­man, right, works on the floor of the New York Stock Ex­change. —AP

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