If you assume there is room for 3 or maybe 4 scale players in Netflix-style subscription video streaming, what will happen soon will be a combination of: (a) "musical chairs" with 3-4 chairs (probably 3) and (b) chicken with cash expenditures to get to scale fast. 
"Everybody has to play the game on the field. You could sit around and say, ‘We’re going to get to profitability,’ but you’re not going to matter. You might as well lock the door and leave the building." Bill Gurley google.com/amp/s/25iq.com…
People are not talking much about Michael Armstrong's bet on the cable market when he was at AT&T in 1998. cnet.com/news/at-t-to-b… What can be learned from that?
John Malone: “Broke my heart to do the AT&T deal. When you’re the controlling shareholder and somebody comes along and offers you a 40% premium to a record high stock price, really full valuation, and to a liquid security, you just can’t turn it down." 25iq.com/2014/11/02/a-d…
