The DIRECTV-DISH DBS transaction announced yesterday will likely face substantial regulatory merger clearance issues that put the closure of the transaction in doubt — as a similar proposed merger did 22 years ago.

Most significantly, the deal will likely face a high level of scrutiny from the Department of Justice’s Antitrust Division, which may ultimately seek to sue to block the merger. The combination could easily run afoul of the antitrust laws and the merger clearance standards set by the DOJ and FTC; further the deal would probably not qualify for exemption from these standards through invocation of the so-called “failing firm” defense.