You've nailed about 80% of it, which is better than I usually do the first time around.
Thank you for your compliments about Telesat. I share your view. It's a great company. It's a company that is actually doing quite well today. We've been growing very, very rapidly.
I believe we do have additional opportunities for organic growth, so I don't want to paint the picture that but for being able to grow through consolidation, we're never going to grow our business any further. I think we can. I think there are additional opportunities for organic growth.
We are running out of our ability to borrow more money. We do have significant debt right now. We're investing, as I mentioned, $2 billion in new satellites. I think we'll be announcing yet another. I said we have two satellites under construction today. I think by the end of this month we'll announce a third satellite that we're building for Shaw to expand their direct-to-home video platform.
But yes, the ownership restrictions do preclude our ability to grow in other ways.
It is our expectation that our sector will continue to consolidate. We need to be part of that. We are very much sub-scale relative to the other operators, and we're the fourth largest in the world. The three other guys are dramatically bigger than we are. They're going to continue to try to consolidate, and we need to be able to do that.