Plans by Elon Musk and Jeff Bezos to launch thousands of satellites are prompting an industry that is traditionally wary of mergers to prepare for consolidation.

The billions of dollars that Musk is pouring into his Starlink broadband internet service are skewing the economics of space for companies like SES, the world’s second-biggest satellite operator by sales. The growth of streaming over fibreoptic networks threatens another of their mainstays — satellite TV...

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