Investors are also losing confidence in the industry as media companies revealed shrinking U.S. ad sales and profits that were supported by share repurchases.
Adding to the market volatility, investors were already wary ahead of the July U.S.jobs report due Friday as the markets wait on the Federal Reserve’s interest rate outlook.
PBS includes a position 5.4% in DIS, 4.2% in VIA.B and 5.2% in DISH.
PowerShares Dynamic Media Portfolio
For more information on the media industry, visit our media category.
Max Chen contributed to this article.