Walk me through the mechanics of cord-cutting and who in the media ecosystem is most exposed.

Cord-cutting is households dropping the traditional pay-TV bundle for streaming. The value chain effects

• distributors lose video subs but are partially hedged because they sell the broadband those streams run on
• cable NETWORKS are the most exposed - they lose high-margin affiliate fees on every departed household and their ad reach shrinks, a double hit with high fixed content costs underneath
• niche channels with low ratings but bundle-wide fees are hit hardest, since their economics depended entirely on being carried by everyone
• content owners with strong IP can migrate value to streaming, but usually at initially worse economics. The general-entertainment cable network with no must-have live content is the classic melting-ice-cube asset.