With US TV network Starz reported to be targeting an acquisition of A+E Networks, this feels like the sort of rumor you could easily skim past, particularly with Warner Bros Discovery’s separation pantomime taking the headlines. That is until you realize the proposed merger hints at the broader trend of consolidation of mid-tier media firms in 2025. At first glance, it doesn’t make sense to consolidate two struggling legacy networks—yet another example of investors hoping that strapping two bricks together will magically create buoyancy. Starz, co-owned by Lionsgate, is drowning in debt, while A+E Networks (a joint venture between Hearst Communications and Disney) has a portfolio of aging cable networks that paint a grim outlook of the company’s future. And…