Walt Disney (DIS) cut off its TV programming to Charter Communications (CHTR)'s Spectrum cable system Friday ඣafter a fee dispute.

Shares of both companies sank as Disney blocked the ABC Network, ESPN, and other networks to Charter’s 14.7 million subscribers, including some in the New York and Los Angeles markets, when the two sides couldn’t agree on a contract renewal.

Disney noted it has struck deals with pay TV providers of all types and sizes around the country, and the rates and terms it is seeking “are driven by the marketplace.” The company added it was committed to coming up with a mutually agreed upon resolution with Charter.

However, Charter argued the current cable TV model is broken, saying the industry has insisted on “unsustainable price hikes” and forced customers to pay for products they don’t want and can’t afford. CEO Christopher Winfrey added that this was not “a typical carriage dispute.”

He explained that because of the increase in streaming services such as Disney’s Disney+, cable customers are getting lower-quality programming and have to pay extra for premium content.

Charter indicated it would agree to Disney’s fee proposal if certain changes were enacted that would “transform the industry and help restore our mutual video business to growth,” including giving consumers more flexibility.

Disney shares fell about 2.5% on Thursday. Shares of Charter and other big media companies lost ground as well.