Data: MoffettNathanson Research; Chart: Axios Visuals

Cord-cutting hit a record high last quarter as shuttered businesses began letting go of their cable and satellite bills.

Why it matters: Until now, cord-cutting was mostly a consumer household-focused phenomenon.

Be smart: “Businesses have the same motivations to cut the cord as consumers – content and cost," said David Wiesenfeld, chief strategist at Tru Optik.

  • "When restaurants and bars begin to reopen, cutting the cord is the easiest way to offset lost revenue and reduce operating costs while also meeting the demands of their customers.”

By the numbers: Traditional Pay TV subscriptions fell by 1.8 million in Q1, the worst quarterly result on record, according to research firm MoffettNathanson.

  • "At 63% of occupied households, traditional Pay TV penetration has reached a level not previously seen since roughly 1995," per analysts Craig Moffett and Michael Nathanson.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Report: Goldman to settle DOJ probe into Malaysia's 1MDB for over $2B

Illustration: Lazaro Gamio/Axios

Goldman Sachs has agreed with the Department of Justice to pay over $2 billion for the bank's role in Malaysia's multi-billion dollar scandal at state fund 1MDB, Bloomberg first reported.

Why it matters: The settlement, expected to be announced within days, would allow Goldman Sachs to avoid a criminal conviction in the U.S. over the bribery and money laundering scandal that saw three of its former bankers banned for life from the banking industry by the Federal Reserve Board.

Trump threatens to post "60 Minutes" interview early after reportedly walking out

Trump speaks to reporters aboard Air Force One, Oct. 19. Photo: Mandel Ngan/AFP via Getty Images

President Trump tweeted on Tuesday that he was considering posting his interview with CBS' "60 Minutes" prior to airtime in order to show "what a FAKE and BIASED interview" it was, following reports that he abruptly ended the interview after 45 minutes of taping.

Why it matters: Trump has escalated his war on the media in the final stretch of his re-election campaign, calling a Reuters reporter a "criminal" this week for not reporting on corruption allegations about Hunter Biden and disparaging CNN as "dumb b*stards" for the network's ongoing coronavirus coverage.