This document discusses mergers and acquisitions in global and local media industries. It provides examples of major media mergers over time, such as NBC being formed in 1926, Rupert Murdoch's News Corporation in 1931, and the 2006 merger of Warner Bros and Tribune Broadcasting to form CW. The document also discusses definitions of media mergers/acquisitions from competition laws and joint ventures from Wikipedia. It provides examples of major media mergers and acquisitions deals, such as the $164 billion merger deal. Finally, it distinguishes between mergers, acquisitions, and joint ventures.