The combination offer has plenty of backers: the Bank of China, Warburg Dillon Read, HSBC, the powerful family of Li Ka-shing and Hong Kong public sentiment (which is wary of the SingTel deal because 76% of that company is owned by the Singapore government's investment arm).

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Moffett noted in his previous report that there were no specific indications that the companies actually want to merge, but he also said a combination would offer huge cost savings, and give satellite TV a better chance to maintain a competitive position against cable providers.

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But they're teaming up because they think they offer a combination of money and clout that could get things going.

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