Ann: PRT interim results - media release, page-17

Here is my take for the fall in price after announcement

1) Suspension of Dividend. Many people were expecting the continuation of generous dividends - now not.
2) The decision to pay down debt instead of continuing to pay dividends may be because they expect revenue and ebitda margin to keep contracting - and they can't tell how much or how fast this will occur.
3) the announcement itself says revenue is dropping while the cost of content is rising - probably due to streaming competitors having more bargaining power to buy the best content first.

On the positive side - there may be some M&A activity coming up - as the FCF is still very high.