The issue you raise is a very good one. It is a question that I have often pondered relative to the lack to the lack of combination, collaboration and consolidation among black businesses (across various industries). I could take this discussion in so many different directions, but I will try to stay focused on the key question. Simply put, I think the key reasons for the lack of M&A activity among black media companies (and other industries) is fear of the unknown, an intense focus on holding the only keys to their kingdom’s and lack of game experience. Despite the fact that key black media companies started entering the scene in the 1940′s, mainstream media were in their second and third generation of family ownership by this time. Guys like Rupert Murdock and Ted Turner are the offspring of media moguls who grew up in the business. By the time they took over from their father’s, they were in a much better position to take some of the risks that propelled their companies to new levels. Meanwhile, the likes of Johnson Publishing was still being run by their legendary founder who carried the burden of not only competing in an increasingly competitive industry, but also the burden of carrying the torch, pride of ownership….staying true to the vision for the community. If I were to liken this to a baseball game, black companies are only in the second inning. Black companies are still in that early phase where it’s all about pride of ownership and doing it our way. However, there is a huge difference between creating a family business that you hope will last through multiple generations and developing a massively valuable asset that creates generational wealth. In the black community, there are several examples of the former, but very few examples of the latter (outside of Bob Johnson/BET). This needs to change and it will.