I think that any discussion between AOL and Hughes is about implementation of their marketing agreement.
What will be interesting is how Rainbow goes forward and uses the stock as a currency to buy more programming assets. They could also take more ownership positions.
We prefer this approach to the gain subscribers at any cost approach. DirecTV and others tried that in 2004 and it came back to haunt them the following year with higher churn numbers.
We prefer this approach to the 'gain subscribers at any cost' approach. DirecTV and others tried that in 2004 and it came back to haunt them the following year with higher churn numbers.
Although (DirecTV) extended their partnership with BellSouth for five years, it is the case that both parties can get out with a change in control.
Almost nothing has been done, they need to get together.
This should raise the overall value of the combined assets.
