Mega-mergers have been the talk of the media industry for the past year. It started with the biggest video programming distributors in the U.S., Comcast and Time Warner Cable, then AT&T and DirecTV, and we've had lots of additional dancing among folks like Charter, Dish, Sprint and T-Mobile. Two consistent rationales have been driving the deals. First, the perceived need to gain scale to support massive anticipated growth of on-demand video usage across multiple digital devices. Second, the perceived need for leverage to push back on content owners and their desire for higher pricing.