Cord-Cutters Sap AT&T’s TV Business

AT&T Inc. kept losing pay-television customers over the past three months despite a wave of new subscribers to its streaming TV service, a trend that could spell trouble for the broader entertainment industry.

The telecom company said in a securities filing late Wednesday that its video-subscriber base declined by about 90,000 customers in the third quarter as customers abandoned its fiber-optic-video and satellite-TV services. The decline, its third quarterly drop in a row, came despite nearly 300,000 new accounts on...

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