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A full scale merger wouldn't happen. The valuations of both companies are shit right now. It will take at least a full 2 or 3 years for things to get back to normal so they could see what a fair stock swap would be.
Time Warner also have an EMI merger/aquisition on their mind so that is a 3-8 billion dollar situation that has to be addressed first. Disney and Time Warner aren't in any situation to handle both right now, if they can even handle one at all.
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I've trusted my sites to them for over a decade...
Webair, bitches.
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