Satellite fleet stalwart SES has confirmed rumors that it has initiated discussions to merge with Intelsat – its smaller and historically bitter rival. This a deal which, in an ideal world, would have come to a head years ago. The two veterans are almost unrecognizable today, compared to the halcyon days of high-margin satellite pay TV in which SES and Intelsat pocketed $billions. For various reasons, it has taken until 2023 for the two companies to recognize the benefits of a merger. One being that Intelsat only emerged from Chapter 11 bankruptcy one year ago. Prior to this, Intelsat was a grossly unattractive acquisition prospect, with debt mounting to $16 billion. Since reemerging as a private company in early 2022,…