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Illustration: Rebecca Zisser/Axios

More than 1 million people ditched their cable and satellite TV packages last quarter, the most ever in a quarterly earnings period, according to research firm MoffettNathanson.

Why it matters: Americans are increasingly giving up on expensive cable and satellite TV packages for more affordable services delivered over a broadband connection.

By the numbers: More than 80% of pay-TV subscribers in the U.S. come from four cable and satellite providers: AT&T, Comcast, Charter and Dish. Those companies together lost 887,000 subscribers this quarter, mostly driven by big losses at Dish and AT&T.

  • Dish lost 367,000 customers, its highest quarterly loss ever, after cutting access to Univision amid a months-long carriage-fee dispute that is still unresolved.
  • AT&T lost 359,000 subscribers for the quarter, far surpassing analyst estimates of 245,000 subscribers lost.

The big picture: There are roughly 120 million TV homes in the U.S., per Nielsen, and about 90 million of them (75%) still pay for traditional TV. But that percentage has been decreasing as more people cut the cord.

  • In total, eMarketer predicts cord-cutting will grow more than 30% this year. eMarketer increased projections for cord cutting twice in less than a year, a sign that the trend is accelerating.
Expand chart
Adapted from an eMarketer report; Chart: Axios Visuals

Between the lines: Many pay-TV providers are hoping to offset losses with gains in subscribers to digital TV alternatives, like AT&T's DirecTV NOW or Dish's Sling TV.

  • But those companies haven't been able to come close to closing the gap, in part because of so much competition from other digital live TV alternatives, like Google's YouTube TV, Sony's PlayStation Vue and Fubo TV, as well as non-live TV alternatives with original programming, like Amazon and Netflix.
  • Both Sling TV and DirecTV Now are seeing slowed growth, making it even less likely that those digital alternatives will offset traditional subscriber losses for the two biggest pay-TV companies.
  • Total subscriber losses were roughly 500,000, the third-worst quarter in industry history and worst since Q2 2016, per BTIG Media Analyst Rich Greenfield.

The bottom line: Traditional pay-TV is in big trouble.

Go deeper:

Go deeper

1 hour ago - Health

CDC panel endorses Pfizer vaccine for 12- to 15-year-olds

Illustration: Brendan Lynch/Axios

An advisory panel for the Centers for Disease Control and Prevention on Wednesday endorsed the Pfizer-BioNTech coronavirus vaccine for 12-to 15-year-olds, following the FDA's emergency use authorization.

Why it matters: Approval from the CDC panel was the final step needed before inoculations could be offered at any vaccination site for this age group.

  • Pfizer has said its vaccine is 100% effective at protecting against COVID-19 in a trial of more than 2,200 children between the ages of 12 and 15.

GOP lawmakers downplay Capitol riot at House hearing

Photo: Jon Cherry via Getty Images

Republican members of Congress sought to minimize the Capitol insurrection at a House hearing on Wednesday, with statements calling pro-Trump rioters "patriots" and other lawmakers falsely denying demonstrators were supporters of the former president at all.

Driving the news: The hearing comes shortly after House Republicans voted to oust Rep. Liz Cheney (R-Wyo.) from leadership over her criticism of former President Trump's actions leading up to and on Jan. 6.

McConnell, McCarthy say 2017 tax law is "red line" in infrastructure talks

The top Republicans in the House and Senate told reporters after meeting with President Biden at the White House that "there is a bipartisan desire to get an outcome" on an infrastructure package, but stressed that revisiting the 2017 tax cuts is a "red line."

Why it matters: Wednesday marked the first time that Biden has hosted Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Kevin McCarthy (R-Calif.) at the White House.