Stifel notes that the recent announcement of the DirecTV-Liberty Media deal set off renewed speculation in the media of future deals with AT&T or Sirius XM. They do not believe the recently announced deal, which requires regulatory approval, poses significant issues apart from those triggered last year when Liberty took control of DirecTV from News Corp. They believe an T-DTV merger would pose significant antitrust/regulatory risks because of the telcos' increasing market penetration of multichannel video offerings over their own facilities and because of the new administration, which they believe will be more skeptical of allowing a Bell acquisition that would diminish video competition. They do not see a significant risk that DOJ or the FCC would block the new DirecTV from acquiring SIRI. Apart from a minimal amount of overlap in providing audio programming, the two cos do not compete, so there would be essentially no increase in horizontal concentration.