Proving that good is not always good enough, Tencent Music Entertainment shares fell 9 percent after the Chinese company released its 2018 earnings, wiping out $2.7 billion in market capitalization of what is arguably the biggest audio music service in the world. Chalk it up to big expectations and a short track record: Wednesday’s earnings [...]

Nearly 16 years after the first iPod silhouette commercials became instant music-marketing vehicles for bands big, small and critically beloved, the so-called “Apple effect” continues to show little signs of fatigue. Just ask acts like Marian Hill, Sofi Tukker and Billie Eilish, who all scored recent chart hits as a direct result of their music’s [...]

Viacom shares took a 5% hit Wednesday, a day after the company went public with its brewing battle over a new carriage agreement with AT&T’s DirecTV. Most traditional media stocks were down on a day when the Dow teetered between being slightly up and slightly down before closing down 141 points, a half-percent decline. Netflix [...]

Nexstar has set $1.3 billion in station sale agreements with Tegna and E.W. Scripps Co. as part of its divestiture plan as it acquires Tribune Media. The list of stations to be sold include CW affiliates in New York, Phoenix and Miami. Tegna has agreed to buy 11 TV stations — mostly Fox and ABC [...]

Eugenie Furniss is joining London- and Los Angeles-based management and production company 42 as literary manager, it was announced Wednesday. The company’s slate include movie “Ironbark,” a Cold War thriller starring Benedict Cumberbatch, and TV series “Traitors,” a spy thriller coming to Netflix in the U.S. at the end of the month. Furniss joins 42 [...]

Fox Corp. has handed over an $8.5 billion check to help Disney offset tax costs related to the 21st Century Fox acquisition. As spelled out in the Disney-21st Century Fox merger agreement, the Murdoch clan’s newly established Fox Corp. was on the hook to pay a special dividend to 21st Century Fox on the latter’s [...]