I think that DIRECTV will invest a lot more in satellites and equipment development if it remains independent of AT&T. Right now if AT&T gets DIRECTV its hands are tied as far as current satellite orders go, but long term, do you really think that AT&T will spend more than DIRECTV would spend? AT&T has a bad history of spending the minimum amount to get by. Look at their U-Verse issues vs VZ's FIOS, or their cellular data melt down a few years ago vs VZ's LTE push? AT&T recently announced a 3 billion dollar cut to their wireline side of the business (i.e. U-Verse). Think of the billions they could save by shaving a few satellites...