The communications markets continue to experience turmoil brought about largely by technological innovation leading to the relentless push of "Convergence." Gone are the days of siloed markets, defined by technology barriers. In those days, telecommunications carriers (telcos), such as AT&T, the Baby Bells and hundreds of smaller “independent” local exchange carriers provided voice telephony and data services; cable television operators (cablecos) provided television services; and, of course, cellular carriers provided voice services wirelessly. These three sectors are fast moving on a collision course towards the same prize: providing customers of all stripes the full array of communications services.(Notice that we are referring to “communications” and not “telecommunications.”  To some, this might simply be a matter of semantics. To us, however, the subtleness belies the tectonic, fundamental shifts that are occurring in this market. By using the term “communications,” we are including everything from broadcast radio to fiber transport to emerging wireless.)

From where we stand, the most interesting marketplace battle that has been simmering for a while now is the one between cablecos and telcos. The major competitors are large and sophisticated, the stakes are high, and