Media landscape,

Doug Creutz, an analyst at Cowen Research, is similarly skeptical. “Theoretically, Time Warner would be ‘ back in play’ but we think new bidders could be wary given that if the DoJ objects to an AT&T buy, they might equally object to other prospective buyers of significant scale,” he says.

Disney, Fox and AT&T are not the only potential acquirers. The Fox-Disney talks, which in effect hoisted a “for sale” sign above Mr. Murdoch’s entertainment empire, are likely to flush out other potential buyers. These could include Verizon, the US telecoms group that has made no secret of its intention to acquire content assets.

Technology companies are also playing a critical role. Netflix, which now has close to 110 million streaming subscribers worldwide, and Amazon, which bundles video content with its Prime subscription, have made significant headway into media territory. Both companies spend billions of dollars on original movies and TV programming.

Viewers are also flocking to digital services. Online platforms have overtaken television set-top boxes as the place people say they watch their favorite programs, according to a survey from Hub Entertainment Research.

Media advisers working with traditional companies say their clients feel the urge to respond boldly to the rise of “over the top” viewing, which bypasses traditional broadcast and payTV channels.

“In a virtually zero- growth environment it makes a lot of sense for big media to look for ways to boost revenue via M&A,” says a senior corporate lawyer who is active in the sector. “The disruption caused by over the top players is huge ... Unless companies act decisively now, they risk falling behind.”

Apple is also joining the fray. This week it was confirmed that the iPhone maker had bought a series about morning TV starring Hollywood actors Reese Witherspoon and Jennifer Aniston. The company has grand ambitions in original content, having promised to spend more than $1 billion a year producing other shows. An acquisition could further its goals.

“My fantasy would be an Apple-Disney tie- up,” says Mr Kassan, the media strategist.

He adds that Bob Iger, Disney’s chief executive, has “embraced technology ahead of most people ... As such, Apple-Disney could be a perfect fit. That being said, my fantasy is that Bob runs for president.”