They wanted to keep Texas from joining another league.
If there are 4 Super conferences, the thought is that they could create their own networks, which cover a large area, and take money away from ESPN as they would no longer need ESPN for their main sources of distribution.
ESPN does not want 4 16 team super conferences.
This is 100% accurate.
ESPN's investment in the LHN was simply a way of trying to preserve their monopoly on the sport.
ESPN fears super conferences for two reasons: 1. Those conferences could create their own networks that could take power & money away from ESPN & 2. Fewer conferences means much higher TV contract costs - supply & demand more or less guarantees that.