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Merger Rule
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Except these are more than just content companies. They are empires with tons of shell companies and child companies under their roof.
And it giving any company that much control of a market is a death sentence. If they begin to crash, the entire economy around that will crash. And it will ripple.
They don't have to actually crash, they just need to start to crash.
Then competitor's values will drop, they'll buy them up, and then get bailed out.
https://en.m.wikipedia.org/wiki/List_of_assets_owned_by_Warner_Bros._Discovery
https://en.m.wikipedia.org/wiki/List_of_assets_owned_by_Paramount_Global
And yet, a combined Paramount and Warner Bros Discovery would only be a tiny fraction of the size of Disney.