Add Univision Communications’ broadcast and cable channels to the list of services that AT&T will offer on DirecTV Now — the $35 a month streaming service it plans to launch this month.

The Spanish language media company says that Univision, its local stations, UniMás, Galavisión, UDN (Univision Deportes Network), and Fusion will be among the 100-plus channels that AT&T says it will provide.

Analysts are curious to know what channels DirecTV Now will offer. If it has lots of popular services, then it may cannibalize sales of the much more expensive conventional pay TV bundle — the biggest source of media industry profits.

They also are trying to figure out how AT&T can make a profit with the programming costs it’s amassing.

Guggenheim Securities’ Michael Morris said yesterday that he expects DirecTV Now and other streaming initiatives, including one due next year from Hulu, will leaded to “increased fragmentation and deflationary pressure impacting both distribution and channels businesses for several years.”