SES, whose fleet of Astra satellites beams television programmes to Europe's homes, to become the world's most profitable operator and the fastest growing after PanAmSat.

ECONOMIST: Satellite operators

As for PanAmSat, a reasonable guess is that it would eventually be sold off to help pay for the deal by which Murdoch acquires Hughes and its satellite unit, DirecTV .

FORBES: Hughes Left To Tender Mercies Of Murdoch

As further evidence of Ergen's shrewdness, Merrill Lynch's Jayant notes that Ergen got away without having to adhere to the breakup clause that required him to buy Hughes' 81% stake in satellite wholesaler PanAmSat (nasdaq: SPOT - news - people ), in the event the deal didn't go through.

FORBES: Magazine Article