Seidenberg: cord cutters real; cable bundles endangered

Cord cutters are real and will, in the end, use the Internet to kill cable bundles, Verizon (NYSE: VZ) CEO Ivan Seidenberg said at the Goldman Sachs Communacopia conference.

"Young people are pretty smart. They're not going to pay for something they don't need to," Seidenberg said. "Over-the-top is going to be a pretty big issue for cable."

Seidenberg's comments were the polar opposite of those offered by Comcast (Nasdaq: CMCSA) CFO Michael Angelakis who, during an earlier session at the same conference, dismissed cord cutters' influence and suggested that cable packages like TV Everywhere would tie consumers to service providers.

Seidenberg, with more experience on consumers fleeing traditional services (wireline phone to wireless) had a more jaded view, even while admitting that there was "some life left" in cable bundles.

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