A merger will reduce the costs of competing against each other and focus more on competing against terrestrial radio.
It will allow both companies to focus on a single technology, a standard electronic platform to recieve and decode and reduce technological costs.
They will, in all probability, merge programming on that future structure to eliminate redundancy. i.e. Fox News, CNN, Weather Channel etc. Duplicate broadcasting channels...
Someone else mentioned "A La Carte" type structure.
Most likely they will offer a base structure and pay-per extras like Stern, etc.
In either case if you own a few shares you will have a better than average chance of making a good run with a merger.