The "Halftime Report" traders discussed the long-term impact that cord-cutting will have on media stocks.

Pete Najarian thinks there is pressure on the media sector right now, but that the pressure has led to certain areas of opportunity. Disney fell earlier this year on reports that ESPN subscription numbers were down, but Pete--who is long the name--argues that the stock was waiting for a pullback.

Steve Weiss is not a huge fan of the sector, as he thinks it is "difficult to navigate." But he would look at Viacom here because, despite uncertainty surrounding its future leadership, the company is sitting on a very valuable asset: Paramount.

Trader disclosure: On December 30, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Pete Najarian: Long AAPL, BAC, BMY, BP, DIS, DISCA, FOXA,GE, KO, MRK, PEP, PFE. Long calls A, AAL, ABX, BAC, COP, DAL, DDD, EMR,EXAS, HAIN, HUN, LC, LULU, MOS, MSFT, NRF, NSAM, PNR, SCSS, UAL, VZ, WLL, WYNN,ZIOP. Long puts FCX, MRO, WFT

Jon Najarian: Long PPG. Long calls ACHN, ALB, AMLP,BAX, BWLD, CA, INTC, LC, MBLY, MDLZ, MSFT, NRF, NVDA, RSX, SCSS, TGT, XLNX

Steve Weiss: Long AAL, C, DLTR

Jim Lebenthal: Long AAPL, BA, C, CSCO, DCO, EEQ, GAIA, GM, INTC, JCP, KMI, MPC, OA, ORBC, PFE,QCOM, QRVO, SPLS, TIF, TRN, WGO