They have ‘vast networks’ that are fast approaching obsolescence. The content they are buying here is cable-based which is dying. The dummies in their boardroom are not sharp, not competitive. All they have is a credit hook to the Fed Reserve; that’s all they got.
A lot of this is eyeballs and the ability to deliver to those eyeballs. Agree that cable alone is in trouble. The content is king, but you also need the wireless and wireline networks to deliver it.