Reuters says more than 400,000 Americans have dropped pay TV this year. So maybe cord-cutting is real, after all. But if it is, the numbers don’t show it. It’s easy to be confused about this stuff, but it’s also easy to clear it up: If you want to evaluate the state of the pay-TV business, you have to include the results from the telco guys, who have been taking share from the cable and satellite guys. And you have to look at numbers for the whole year, not a single quarter. Once you do that, you end up with numbers that are basically flat, give or take a few thousand subscribers. Read the full story at All Things D.