If News Corp. (NYSE:NWS) CEO Rupert Murdoch had a nickel for every time someone called his ideas "crazy,"he would be a billionaire.

Well, no one laughs at Murdoch's ideas anymore -- especially his competition. Murdoch's long-range strategic vision -- of a strong presence in all major global media markets -- is now a reality, as the Federal Communications Commission approved his $6.6 billion purchase of DirecTV.

This is not to imply that leveraging DirectTV will be a cake walk. While it is the No.1 US . satellite-TV provider, there is intense competition and the overall growth rate for satellite growth is slowing.

Then again, DirecTV has been an asset subject to neglect, as its parent, GM Hughes Electronics (NYSE:GMH), wants to focus on other businesses. Furthermore, Murdoch has many years of success with satellite ventures, such as BskyB and StarTV. He accomplished this with inventive programming as well as innovative digital technologies to allow for interactive television (say, being able to order food or watch a football game from different viewer angles).

Murdoch's competition certainly understands the threat and has been in the process of preemption. For instance, satellite provider EchoStar Communications (NASDAQ:DISH) recently launched a promotion for digital video recorders. Selling out, however, may be the smartest move for that company. In fact, another satellite broadcaster, Pegasus Communications (NASDAQ:PGTV), saw its stock price spike in anticipation of a buyout.

Tom Taulli is the author of six books on investing, such as Investing in IPOs (Bloomberg Press), as well as a professor of finance at the USC School of Business (don't worry, he does come out of his ivory tower). You can reach him attom@taulli.com.