Walt Disney shares closed 9 percent lower Wednesday, a day after CEO Bob Iger muted enthusiasm for a mixed quarterly report by outlining pressure on subscribers to the company's TV channels. CBS and 21st Century Fox also tumbled on Wednesday in extended trading, partly on reporting sluggish quarterly cable-advertising revenue.
Still, the struggles could provide a window to buy both CBS and Fox, Adami said.
"If you're looking for an entry point, this to me is as good as it gets," he noted, saying they could enjoy a "relief rally."
Trader Steve Grasso added that CBS, in particular, looks appealing on a downturn.
Social media giant Facebook rolled out new features Wednesday, among them a "send message" button that enables businesses to privately communicate with customers. Adami contended that the feature—and its possible boost to ad revenue—could help the stock move higher.
Trader Brian Kelly agreed, saying that Facebook has shown it can monetize acquired properties like Instagram.
Steve Grasso is long AAPL, BA, BAC, CC, DD, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX firm is short TWTR, KO his kids own EFG, EFA, EWJ, IJR, SPY
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, the VIX, GDX call spread, TWTR call spread, US dollar; he is short Oil, Ruble, Yuan and Yen. Today he bought the VIX.
Karen is long BABA, BAC, C, FINL, FL, GILD, GOOG, GOOGL, JPM, KORS, M, BABA puts, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, SUNE call spreads, KORS puts, M puts, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.