A cynic might suggest that Level 3 is concerned that major Content Providers such as Netflix might start bypassing Level 3 for internet transit and start purcha

A cynic might suggest that Level 3 is concerned that major Content Providers such as Netflix might start bypassing Level 3 for internet transit and start purchasing it directly from the ISPs - this is a threat to Level 3's business model, particularly if the Content Providers can do it more inexpensively by peering directly.