Walt Disney Co (NYSE:DIS) is under serious pressure in mid-day trading on Thursday, pushing shares back below the 200-day moving average amid what looks like a technical breakdown in progress. This is disappointing for Disney stock owners who enjoyed a near 30% rebound from its October low to retest its 2015 highs near $115.

But the reappearance of fears around its media business — specifically ESPN and other cable networks — has brought the sellers back out and pushed shares down more than 10% from their high.

A return to last year’s lows in Disney stock would result in a loss of nearly 13% from current levels.

Two headwinds developed this week. The first was a report in the Wall Street Journal that children might be moving away from DIS programming, which is at the very core of the company’s media-merchandise-parks business. The second was word Charter Communications, Inc. (NASDAQ:CHTR) is offering a “skinny” sports-free television bundle, a possible start to a trend to fight cord cutters moving to streaming and “over the top” services.

Disney is also being negatively affected by the rise in television/movie production costs as the likes of Netflix, Inc. (NASDAQ:NFLX) and Amazon.com, Inc. (NASDAQ:AMZN) aggressively create their own exclusive content. And they are also moving in on the merchandising turf as well, with Stranger Things being the perfect example.

DIS will next report results on Aug. 8 after the close. Analysts are looking for earnings of $1.58 per share of Disney stock on revenues of $14.66 billion. When the company last reported on May 9, earnings of $1.50 per share beat estimates by 9 cents on a 2.8% rise in revenues.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.