But that's unlikely to put a hold on M&A activity among major TV and streaming companies. The first question becomes what do WBD's spurned suitors do in response? Paramount and Comcast's NBCUniversal are unlikely to pair up given the U.S. Federal Communications Commission's broadcast ownership rules (and the U.S. government's antagonistic relationship toward Comcast). But there are (much) smaller targets on the market: A+E Global Media, AMC Networks, Lionsgate, Starz, etc.