One statement in this review appears to be exaggerated -- most accounts of the Budapest Telefon Hirmondó report that the number of subscribers was actually a few thousand.
Electrical Review and Western Electrician, October 30, 1909, page 837:
The New Telephone Newspaper.
The Telephone Company of America has been organized in New York with Manley M. Gillam president and William H. Alexander secretary and treasurer, and pretty soon we'll be able to flop over in bed mornings, turn on a telephone-like arrangement and listen to a summary of news from all over the world without getting up out of bed.
To anyone who has been to Budapest the "telephone newspaper" is no novelty, President Gillam says. Over there a complete plant is working. It furnishes "canned" news to 160,000 subscribers daily. It has other features, too. The new company hasn't decided on rates. In Budapest subscribers pay sixty cents a month and a quarter a month for every additional extension. Cornelius Balassa, of New York, is said to own all American rights to the machinery, appliances and patent that will be utilized.