(Click for video linked to a searchable transcript of this Mad Money segment)
Sometimes you can learn as much about a merger from who isn't bidding, as you can from who is.
That may well be the takeaway from AT&T's offer to buy DirectTV. "Why aren't others bidding for it?" Jim Cramer mused.
As a subscriber, the "Mad Money" host is none too impressed with the DirectTV service. "I would disconnect DirectTV in a heartbeat if it weren't for the football package," Cramer said candidly.
That is, Cramer is a big sports fan and he subscribes to DirectTV to follow out of market football games made available through DirectTV's NFL package.
But that's pretty much the only reason he subscribes.
"There is simply no other reason I would ever take this monstrosity of a network with a dish that goes down on every storm and one that has disconnected me endlessly for no good reason," Cramer said.
In fact Cramer noted that the NFL package is so important for business that "AT&T can walk away from this deal if Direct TV loses the NFL to another network."
If the NFL Package is that important, Cramer can't help but wonder if the acquisition is really a compelling win for AT&T shareholders.
Cramer just isn't sure.
"Believe me, if this satellite technology were at all up to snuff Apple, Google and Facebook would all be bidding for it," Cramer insisted.
But they're not.
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And Cramer worries the lack of interest among the companies mentioned above is a subtle but powerful referendum on the deal.
Without the NFL package, "I know I would walk away from DirectTV. Without it, I wonder how many new sign-ups there would be and how much cash flow from existing customers would be maintained," Cramer said. "I just don't understand why everyone is so gaga about this merger."
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