As for the North American company -- it could benefit from a closer focus on combating Netflix and other content provider options. A history of spinoffs A spinoff wouldn't be too out of character for DirecTV. In 2009, the company merged with Liberty Media 's ( NAS: LMCA ) Liberty Entertainment. Both DirecTV businesses would still benefit from each other's economies of scale and overlapping business --a spinoff would not negate that, and actually could enhance it. Will it happen any time soon? Doubtful. There has been little to no talk regarding a DirecTV spinoff, though maybe someone should write Bill Ackman an email and tell him his next project awaits him. In the meantime, the aforementioned Netflix is a company oft-mentioned here at the Fool. Some of us love it; others are concerned about content costs and scalability. As with any investment opinion, both sides hold validity. Check out this premium report that highlights the challenges and opportunities ahead for the streaming king.