Wells Fargo analyst Marci Ryvicker downgraded a number of media stocks on Tuesday as part of a re-valuation of the sector following what she said was "one of the worst earnings seasons we have ever had outside of the Great Recession," as value shifts from content to distribution. Walt Disney Co. /zigman2/quotes/203410047/composite DIS +0.81% , CBS Corp. and 21st Century Fox Inc. /zigman2/quotes/207816609/composite FOXA +1.18% were all downgraded to market perform from outperform. The only media company she covers that remains at outperform is Time Warner Inc. . Ryvicker said that actual second-quarter results were not that bad, but one major issue was that "there was no real 'high-quality' beat" within the group, as in no higher core cable or broadcast network revenue. She said investors seemed concerned about multiple compression, "as fears about the 'fraying' of the television ecosystem are finally coming to fruition." Ryvicker also downgraded Clear Channel Outdoor Holdings Inc. /zigman2/quotes/202242861/composite CCO -0.03% and Outfront Media Inc. /zigman2/quotes/205949037/composite OUT +3.32% to market perform from outperform, while upgrading Entercom Communications Corp. /zigman2/quotes/203363871/composite ETM -2.10% to outperform from market perform. Among the stock's seeing premarket activity, Disney's fell 0.8%. It has tumbled 9.1% so far this month, while the Dow Jones Industrial Average has slipped 0.8%.