Yes, but their "solution" seems to be lobby Congress to preserve their sixty year old business model, not actually innovate.
Not really much congress can do about this one (short of requiring everyone to pay for cable TV or incur a tax penalty).
People will simply no longer put up with ever-increasing prices for enormous bundles of services they don't want. How often do we hear people bemoan the fact that they watch three channels but pay for three hundred? Well, at some point, people realize that they effectively pay $40 a month per channel they watch; for lighter TV viewers, that can easily come out to $40 a month per series they watch. And hey, even ignoring options like Netflix and Hulu, I can outright buy entire boxed sets of most TV series for half that per season (never mind per month), ad-free, and 100% on-demand.
If congress really wants to try to save the cable TV industry, they need to do something that will cause some pain on the short term - Force the cable industry to offer 100% a la carte programming - Which would in turn require forcing upstream content providers to do the same, rather than subsidizing pro sports by forcing anyone who wants Animal Planet to also pay for ESPN (and vice-versa, forcing sports fans to pay for Nickelodeon if they just want ESPN). That might save the cable industry, as long as they don't get stupid with the price per channel (at $5/channel/month, I might even sign back up. At $20/channel/month, I need to ask myself if I religiously watch more than 12 programs per channel, because I could just buy them on DVD instead).