Don't Buy the "Death of ESPN" Hype

For much of the last three years, shares of The Walt Disney Company (NYSE: DIS) have been range bound, primarily on investor fears involving the future of its flagship ESPN sports network. From a peak of 100 million subscribers in 2011, those numbers have dwindled to less than 88 million today. Based on recent news, that decline might continue.

The Wall Street Journal is reporting that several popular cable channels are banding together to create a new streaming service geared specifically toward those not interested in sports programming. Discovery Communications, Inc. (NASDAQ: DISCA) (NASDAQ: DISCK), Viacom, Inc. (NASDAQ: VIA) (NASDAQ: VIAB), AMC Networks Inc. (NASDAQ: AMCX), Scripps Networks Interactive, Inc. (NASDAQ: SNI), and A+E Networks (a joint venture between Disney and Hearst Communications) will be part of the undertaking.

The service, reportedly called Philo, is expected to be available in the coming weeks with a subscription costing less than $20 per month. While the exact lineup has not been announced, it will likely feature programming from Discovery Channel, Animal Planet, TLC, HGTV, Food Network, MTV, Comedy Central, and Nickelodeon, among others.

Source: Fool.com