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TV Stocks Tumble After AT&T Cord-Cutting Disclosure
The research firm eMarketer says that by the end of last year 16.7 million U.S. adults had already cut the cord and that by the end of this year it will be 22 million. A day after DirecTV parent AT&T said it would lose subscribers because people are ditching their satellite and cable television services - a phenomenon known as cord-cutting - shares of companies heavily invested in the TV industry tumbled.