Positive on Pay TV Subs. Based on further conversations with numerous sector contacts, we reaffirm our view that Hulu and YouTube TV more than made up for shortfalls at DirecTV Now and Sling in 3Q18. In fact, not only did cord cutting not pick up in 3Q18, our revised roll-ups show pay TV subs grew slightly Y/Y in 3Q (+0.2% Y/Y), similar to 2Q18. Our rollup shows a slight moderation to -0.1% in 4Q18 given the disruption with DISH dropping HBO and AT&T pulling DirecTV Now marketing for the full quarter, though Hulu strength continues per its CEO.
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