Time Warner reported that in March, it lost about 5 million subscribers due to the Trump Administration’s “War on Jobs” and its attempt to gut the public option.
The company said it expects to lose $4 billion in 2017.
According to CNBC, the company had about 3 million subscribers by December 2017, when it said it would stop offering unlimited data plans and “restructure” the company’s business to provide cheaper, smaller internet service.
“We’re working to build a better internet for the American people,” Time Warner CEO Jeff Bewkes said in a statement to CNBC.
Bewkes is the first high-profile CEO of a US company to announce he will not offer unlimited internet service in 2017, and he is a major booster of President Donald Trump.
Last week, Bewke told CNBC, “We’ve got to make sure that we’ve got a better, more sustainable internet, and that’s going to take a little bit of time.”
Bewskes added that “our business model is going to have to evolve” and he believes “there’s going the need for some new revenue streams to make that transition happen.”
During a January 2017 earnings call with analysts, Time Warner chairman and CEO Jeffrey Bewks said the company “will no longer be delivering unlimited internet.”
“In light of the unprecedented changes to the internet, including the President’s recent proposal to gut net neutrality rules and to impose new restrictions on broadband providers and the ability of ISPs to sell their services, we are announcing today that we will no longer offer unlimited broadband services,” Bewkins said at the time.
The company announced its plan to stop offering internet service during its earnings call on January 20, but it later said that “there are some significant operational changes” that were needed to get the internet working properly.
In 2017, Time Holdings, a unit of Time Warner, lost more than 2.5 million subscribers as its internet service dropped significantly.
Earlier this year, Time Inc. reported that the internet is struggling to keep up with the rapid growth of digital advertising and social media.
Time Warner also reported that it lost $2.5 billion in the third quarter of 2017.