Who is nbc merging with

It may take several deals to get to a scaled position, as they piece together smaller U. They could also sell. Redstone is more open to the idea of selling ViacomCBS than her late father, Sumner Redstone, the former chairman, was, according to people familiar with the matter. Potential buyers could include Amazon or the newly merged WarnerMedia-Discovery. Apple and Netflix continue to hover along the periphery, but neither company has ever shown much interest in making big media acquisitions.

Reduce their ambitions. The third option is to throw in the towel on being a global streaming service. Option four is similar but less drastic. ViacomCBS and NBCUniversal could begin bundling their streaming services together or finding new streaming partners to increase global distribution through discounted offerings.

Another option is a merger or acquisition, but there are numerous complications on that path. While there may be no rush to merge, both companies will ultimately need more scale to compete against larger players. They could partner or merge, or they could attempt to merge with Warner Bros. A merger with Warner Bros. But only one of the two could join Warner Bros. That would leave the other company out in the cold — possibly for years.

Working together may ensure both companies are better off than they started, but holding out against each other may be the best-case scenario for one company and the worst-case scenario for the other.

This isn't a perfect prisoner's dilemma example because the companies can't really betray each other, ending up in a situation where both are worse off. It's likely any merger will have to include a divestiture of one of the broadcast networks along with all local NBC or CBS television affiliates that overlap in the same markets. That immediately diminishes the value of both companies. While it's possible the companies could attempt to argue broadcast networks are like cable networks and don't need separate ownership, regulators may not view that as a reasonable argument.

Broadcast networks have historically battled each other for valuable programming. Putting two under one roof would stifle those competitive bidding situations. Ron Meyer, the head of Universal Studios, will remain at the company as head of the Hollywood studio as well as its associated theme parks. Vivendi Universal had been looking to unload the Universal entertainment businesses as a way to pay down debt and streamline its structure, undoing an acquisition spree by ousted chief executive Jean-Marie Messier that nearly left the company bankrupt.

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