Cable company Charter fell 2.6 percent and entertainment conglomerate Viacom lost 2.5 percent on reports that Viacom channels may go off the air in the NY area because of a contract dispute.
J.Jill almost halved to hit a record low of US$4.96 after the women's fashion retailer slashed its third-quarter forecast.
The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,550.
The Dow Jones Industrial Average fell 31.88 points (0.14 per cent) to 22,841.01.
AT&T tumbled more than 4 percent after the No. 2 USA wireless carrier said it lost 90,000 US video subscribers in the third quarter due to intense competition and the impact of recent hurricanes.
JPMorgan and Citigroup, which had already talked down third-quarter expectations, reported earnings that were better than Wall Street estimates even as trading revenues fell. The Nasdaq composite fell 12 points, or 0.2 percent, to 6,591.
That, along with a brokerage Guggenheim raising concerns over subscriber losses at Disney and Viacom, sent fresh jitters across a sector that was hit a day earlier by President Donald Trump's suggestion to challenge TV network licenses over "fake news".
Six of the 11 major S&P indexes were lower, led by a 2.39 percent drop in the telecom services index due to declines in AT&T.
Disney dropped 1.38 percent.
The consumer discretionary sector lost 0.44 percent, weighed down by media stocks.
Cable company Charter fell 1.6 percent and entertainment conglomerate Viacom lost 4.6 percent on reports that Viacom channels may go off the air in the NY area because of a contract dispute. Viacom sank about 3 percent after also warning that Charter Communications subscribers may lose access to its channels as the expiration looms for a distribution deal. On the Nasdaq, 1,294 issues fell and 965 advanced. Other big decliners were Comcast, which tumbled 3.05 percent.
A near 1 percent jump in Microsoft led the gains in the technology sector, the best performing among the 11 major sectors this year.
Declining issues outnumbered advancers on the NYSE by 1,472 to 983.