Analyst firm MoffettNathanson’s comprehensive quarterly report on the US cable and satellite pay-TV sector, admits that on the surface “all is calm” insofar as subscriptions are up (by 101,000) during Q4/2014 but reminds readers that this always happens in the traditional pre-holiday Q4, so look at the trailing year and the actual number falls by a tiny 0.1 per cent y-o-y.

“So far so good,” says the report, but

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