Potentially setting the stage for further consolidation in the cable television industry, a U.S. appeals court today struck down an FCC rule that limited cable companies to controlling no more than 30% of the country’s subscription TV market.

As Reuters reports, the U.S. Court of Appeals for the D.C. Circuit asserted that the commission “failed to demonstrate that allowing a cable operator to serve more than 30% of all cable subscribers would threaten to reduce either competition or diversity in programming.”

Assuming the ruling stands, the decision opens the door to previously unthinkable transactions: in particular, it could allow Comcast (CMCSA), which is close to the now-stricken 30% market share limit, to acquire Cablevision (CVC), or even Cox or Time Warner Cable (TWC).

Let the speculation begin.

Cablevision today is up 72 cents, or 3.3%, to $22.50; Time Warner Cable is up 37 cents, or 1%, to $37.30.

Comcast is up 8 cents, or 0.5%, to $15.63.