The past three years haven't been terribly productive ones for Discovery Communications (NASDAQ:DISCA) shares, which is the nice way of saying they've been miserable for DISCA shareholders. Though the proverbial bleeding seems to have stopped, even with the modest gains the stock's made over the course of the past few months, Discovery Communications shares are still 36% lower than the peak price they hit in January of 2014.
The prod for the pullback? The same headwinds that all cable providers and television content producers have been facing since Netflix (NASDAQ:NFLX) jump-started the cord-cutting movement (in earnest) a few years ago - increasingly empowered consumers are making it tougher to make a buck in the increasingly competitive business.
