This seems like a fast way to force Net Neutrality laws, as the resulting carnage of takeovers and mergers create segregated islands of content. Even congressmen and senators should find it difficult to swallow needing all of a Comcast, AT&T, and Verizon connections to obtain their Disney, FOX, and HGTV channels.
Although I also think the telecoms are underestimating the power of the "independent" content providers, like Google or Yahoo. Clout-wise, companies like that might actually be able to extract payment from the backbones for the privilege of getting customers to them. What's Comcast going to do, say "sorry you can't do that" to their customers because they don't have an agreement with Google?