Media groups shed $500 billion in value as shares head for historic drop…

More than $500bn has been wiped off the market value of the world’s biggest media companies this year as investors soured on the streaming revolution, triggering historic share price declines for broadcasting and entertainment groups. Intensifying competition and rising costs have combined with consumer belt tightening and an advertising slowdown to spark an industry-wide decline. Media, which for investors spans a broad range of activities from film production to advertising to cable television, has been among the hardest-hit sectors in what is set to be the worst year for global equities since the financial crisis. “It’s been a perfect storm of bad news,” said Michael Nathanson, media analyst at SVB MoffettNathanson. “I’ve been covering this sector a long time and I’ve never seen such a bad collection of data points before.” Walt Disney shares, down about 45 per cent, are heading for their biggest annual fall since at least 1974. The shares have come unde …