Such a process would have sought to maximise revenues by maximising the viewer potential of programmes. Any change in such a process is likely to destroy, rather than create, value. Other sources of value may exist, but are likely to be minor and difficult to articulate. When the proposed relationship between two companies is defined at an abstract level, there are further grounds for doubting the value creation potential. If a company cannot articulate where synergies are going to be found, chances are there aren't any.
Good implementation begins with clear strategy.
If the goal is cost reduction, then managers can proceed with asset rationalisation. This is no doubt difficult and painful, but it can be achieved as long as it has been defined as the destination. Similarly, if the goal is cross-selling, managers can proceed with creating a structure and a set of incentives that enable this result to be achieved. It is not a bad idea for managers to write a moot-contract clearly expressing the goals and processes of the deal before completing it, to evaluate their clarity in thinking. If the strategy needs to be clear before the deal is completed, integration needs to be prompt and decisive once the financial transaction is over.