Register

    Shares of TV providers drop as AT&T warns of video losses

    By SHOOTUpdated:No Comments2351 Views
    This Thursday, July 27, 2017, photo shows an AT&T logo at a store in Hialeah, Fla. AT&T said Wednesday, Oct. 11, 2017, that it lost 90,000 video subscribers in the U.S. in the third quarter, a steeper drop than the same period a year earlier. That includes a gain of 300,000 customers in DirecTV Now, an online cable-like service that is cheaper than traditional TV. (AP Photo/Alan Diaz)
    NEW YORK (AP) --

    Signs that more people are dropping their traditional TV subscriptions weighed on TV providers' stocks Thursday.

    AT&T said it lost 90,000 video subscribers in the U.S. in the third quarter. It's a steeper drop than the same period last year, even though gains from its newer, cheaper online cable-like service, DirecTV Now, are included. DirecTV Now wasn't available in the July-September quarter in 2016.

    DirecTV Now added 300,000 subscribers in the quarter, so AT&T lost about 390,000 satellite TV and cable customers.

    AT&T, which is also the No. 2 wireless carrier in the U.S., blames tough competition from both traditional TV providers like Comcast and newer digital-video services like YouTube TV. It also blames the impact from hurricanes and stricter credit standards for customers.

    AT&T's prediction, issued after the market closed Wednesday, echoed Comcast's forecast in early September of third-quarter losses of 100,000 to 150,000 video customers due. That would be Comcast's largest quarterly loss since 2014. Comcast also blamed competition and weather.

    Rising prices for traditional TV bundles and those growing digital options are increasingly driving customers online and away from traditional TV.

    "It should be clear that DirecTV, like all of its cable peers, is suffering from the ravages of cord-cutting," MoffettNathanson analyst Craig Moffett wrote in a Wednesday night note to investors.

    AT&T stock fell 4.5 percent to $36.48 in afternoon trading. Shares of cable companies Comcast and Charter and rival satellite TV provider Dish also dropped.

    Tags:AT&TDirecTV



    India’s legendary filmmaker Shyam Benegal dies at age 90

    Tuesday, December 24, 2024
    Indian film directors Shyam Benegal, right, is seen during a discussion on Indian Cinema in Hyderabad, India, Monday, Feb. 18, 2008. (AP Photo/Mahesh Kumar A, File)

    Shyam Benegal, a renowned Indian filmmaker known for pioneering a new wave cinema movement that tackled social issues in the 1970s, has died after suffering from chronic kidney disease. He was 90.

    His contribution to cinema was recognized as a director, editor and screenwriter. He was also credited with a new genre of filmmaking.

    Benegal passed away on Monday at Mumbai's Wockhardt Hospital, and his cremation will take place on Tuesday, the Press Trust of India news agency reported, citing his daughter Piya.

    "Benegal had been suffering from chronic kidney disease for several years but it had gotten very bad. That's the reason for his death," Piya said.

    Many paid tribute to the legendary filmmaker on social media platform X.

    Filmmaker Mahesh Bhatt wrote that Benegal told stories without pretense. "They were raw and real, about the struggles of ordinary people. His films had craft and conviction."

    "Deeply saddened by the passing of Shyam Benegal, whose storytelling had a profound impact on Indian cinema. His works will continue to be admired by people from different walks of life," India's Prime Minister Narendra Modi tweeted.

    He was a mentor to top Indian actors, including Shabana Azmi, Smita Patil, Naseeruddin Shah, and Om Puri who made their mark in Bollywood's popular cinema as well.

    "I have lost my foster father, a man to whom I owe more than I can say," posted Naseeruddin Shah.

    "Shyam Benegal was not just a legend; he was a visionary who redefined storytelling and inspired generations," said actor Manoj Bajpayee.

    Benegal came into the limelight in the 1970s, with a series of films that challenged mainstream Bollywood. His films Ankur (1974), Nishant (1975), Manthan (1976), and Bhumika (1977)... Read More

    MySHOOT Profiles


    Add A Comment