Media investors breathed a sigh of relief last week after Walt Disney CEO Bob Iger assuaged industry concerns about the rate of consumers dropping premium subscription channel cable packages — otherwise known as cord cutting — on the company earnings call.
However, according to one widely followed analyst, those concerns should not be put on the back burner as media stocks are in for a rude awakening.
"There is a seismic change in consumer behavior that is affecting the entire media sector," said BTIG's Rich Greenfield on "Fast Money" last week.
"It's not just a Disney issue, a Time Warner issue, a Discovery issue," he said. "Every one of these companies is facing the issue that consumers are simply less and less interested in watching live linear television," said Greenfield.