The global TV market is in a state of flux. Media giants are splitting studio and streaming activities from linear networks (as with NBCUniversal), broadcasters and global streamers are buying Pay TV providers (witness RTL and Sky Deutschland, and DAZN/Foxtel) and Pay TV providers are interested in buying broadcasters (Sky and ITV). European broadcasters like TF1 and France Télévisions are making their linear channels available within global SVOD services (Netflix and Prime Video respectively). This presentation explores the economics and business rationale driving a new wave of M&A and innovative distribution partnerships. What are the common denominators that help us predict the next big deal?