The surge in cord-cutting has set off a race among media companies to be included in new “skinny” streaming bundles that are reshaping the American television landscape.

Cord-cutting reached a record pace in the first quarter as consumers continue to ditch pricey pay-TV subscriptions and seek more online alternatives. Over the past five years, nearly 8 million U.S. households have abandoned traditional pay TV or eschewed signing up entirely, according to Wall Street research firm MoffettNathanson.

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