AT&T’s results for the second quarter show that the telco’s pay-TV business continues to struggle. Variety reports that the company lost a record 351,000 traditional video subscribers in the quarter, a loss that was not offset by gains in the company’s DirecTV Now over-the-top service.
“In Q2, historically a seasonally weak period for the pay-TV business, DirecTV’s U.S. satellite division lost 156,000 customers sequentially, dropping to 20.86 million, compared with a gain of 342,000 in the year-earlier quarter,” Variety reports. “AT&T’s U-verse lost 195,000 subs in the quarter, which was actually an improvement over the 391,000 it lost in Q2 of 2016.”
Meanwhile, the company’s $85 billion acquisition of Time Warner remains on track to close by the end of this year, with CFO John Stephens noting Tuesday that the merger is under review by the Department of Justice. Said Stephens: “Our merger integration team is nearly complete. Our goal is to hit the ground running.”