The Bell Atlantic deal also fell victim to new federal regulations that reduced cable bills up to 16 percent, costing TCI $300 million over two years. Higher spending coupled with lower cash receipts made TCI less attractive to investors, and the stock price dropped to $17 a share, half what experts believed the company was worth. Bill Nygren of Harris Associates, known for profiting from TCI's Liberty Media, said TCI could make a comeback, and Michael Mahoney of GT Capital expected the proposed deregulation of the cable and telephone industries to increase cable company revenues. Both expected TCI to benefit, especially since TCI owned 30 percent of a joint venture that included Sprint and 10 cable companies with the ability to serve 40 percent of American homes. Cable and phone companies could both offer each other's services, benefiting both companies and customers with product bundling. TCI had plans to upgrade to digital cable and offer more channels and services. Satellite TV providers would be competing to offer digital service, but TCI owned a share of Primestar, and predicted a 28 percent share of the satellite market by the end of 1995.