> But the prevalence of password sharing suggests many of those customers [...] are watching popular shows [...] for free, robbing pay-TV providers and programmers of [...] advertising dollars.

Can someone help me understand how it is robbing them of advertising dollars? I understand it's robbing them of fees (though I don't like the double-dip model and especially loathe the concept of retransmission fees). But I don't understand how more "free" eyeballs are costing advertising dollars. In fact, I would think more eyeballs would be an advertiser's goal.