If a company is to enjoy success in the world of media in general, and content creation in particular, then two ingredients have to be present. One is a strong culture and the other is scale. It explains the success of any number of brands – News Corporation, the Daily Mail, the BBC, the Financial Times – in the recent difficult past.
For companies that have scale but lack a culture, or vice versa, the obvious yet so often disastrous solution is to merge. Nothing creates greater comedic value or destroys actual monetary value quicker than trying to acquire a culture in pursuit of scale and getting the whole thing wrong.