Here is my take for the fall in price after announcement 1)...

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.