Sure. I'll take an initial stab at it and then turn it over to Ben.
I think these are not things that we have to trade off against one another. I think what we've seen is that companies like Eastlink, Vidéotron and Shaw have significant scale to make the capital investments in the new fibre and new generations [Technical difficulty—Editor] technology that we need. They have done so, and they have carved out significant market share.
As I note in the background data for my presentation, when you look at it, you see that Shaw spends proportionally more of this revenue—something that the industry calls “capital expenditure intensity”—than Rogers does [Technical difficulty—Editor] burdened with debt, as Rogers is, and Rogers faces significant new costs coming over the horizon with the spectrum auction for the 3,500 megahertz that's essential to 5G and the Hockey Night in Canada stuff. If this deal comes through, it is going to be so over-leveraged that one has to wonder about its ability to make these investments.
The last point I would make on this is that they can promise the moon, but once this deal goes through, how are you going to verify anything? How are you going to hold their feet to the fire if they don't make the investments that they say they will?
Go ahead, Ben.