One way to read this Bloomberg story is at face value: that cable companies are making console video games irrelevant because they are “gearing up” to offer video games directly to customers. The other way to read the article is to laugh and suggest that Bloomberg got duped by the three major cable providers in a clever PR move.
The Xbox and Playstation are the ones making cable companies obsolete as they continue to offer more apps and streaming television services. The Xbox is basically a few steps away from being all anything anyone needs in their living room. Cable companies need to be worried about the Xbox becoming the entertainment hub in homes and replacing their business model, not the other way around.
A person with a computer connected to the TV and internet doesn’t need cable at all; for video games they can always download Steam.
Further, I’m not sure how you can publish a story about cable companies thinking of getting into the streaming video game arena. I’m thinking of sleeping with Natalie Portman, but there’s no evidence to suggest it’s going to happen in reality.