Industry consolidation seems to come in waves, and the next wave seems to be starting. Together, AT&T and DirecTV will be a strong new competitor in the pay-television space. That’s great. Unless traditional cable-TV companies get their act together, this merger could be another nail in their coffin. This is a busy time in the industry. If we pull the camera back and take a longer-term look, however, we see a much clearer picture. In the 1990s, cable TV, telephone and wireless companies were smaller, and they competed in different sectors.
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