• by Wayne Friedman , Staff Writer, July 17, 2014

Only yesterday we were just crowning this as the time of TV distribution consolidation: Comcast acquiring Time Warner Cable and AT&T buying DirecTV, to name two examples. And before this? A rash of big TV stations group deals.

Now ask yourself whether you were too limited in your thinking. On Wednesday, it was revealed that 21st Century Fox has been looking to buy Time Warner for $80 billion, which many believe could spur a new wave of TV/network content company acquisitions.

One report suggests Viacom could be next up in play -- and that CBS Corp. could be involved. CBS and Viacom were part of one company up until 2006. Sumner Redstone continues to be executive chairman of both companies

Discovery Communications, Scripps Network Interactive, Lionsgate? All possible players and/or targets.

A still-climbing stock market -- and low interest rates -- means a better climate to buy media content companies right now, according to many analysts.

Others may join the fray -- like Walt Disney Co. possibly looking to give Fox a run for its money in going after Time Warner. Big media continues to look for leverage. Still, We all know Rupert Murdoch rarely takes no for an answer. Martin Sorrell, chief executive officer of the WPP Group,  told Bloomberg Television: "When Rupert moves, he usually moves successfully. So I wouldn’t – it would be very foolish to bet against him.”

The big piece for Fox could be HBO, which Sorrell says is something Fox could leverage into a more powerful international cable operation.

Of course, all this push for big content and integration might remind some of January 2000, when AOL merged with Time Warner for a massive -- and then disastrous -- merger. Value on that deal? A mere $165 billion, the largest ever business merger in U.S. history.

We shouldn’t expect any reruns here. But if it does, they should come at a discount-- or with the ability to fast-forward through them.