It was a day for the record books: Two struggling television networks evaporated to make way for a new one, and the giant Walt Disney Company acquired the animation studio that had made its own once-iconic animation division look second-rate. Publications everywhere struggled to make sense of the rearrangement of the deck chairs. Were these seemingly momentous happenings good news or bad? A sign of industry strength or weakness? Who could be read as winners, who as losers? It will take a while to sort out, although most observers appeared to believe the companies that emerged from the action--The CW Network, a Pixar-fattened Disney--will be stronger than their predecessors. In Hawaii, the Web site of KGMB9 TV combined the reporting of CBS News and the Associated Press to produce a balanced roundup, expressing general enthusiasm for both mergers, but revealing a more modulated reaction by some observers. For example, Hal Vogel, the media analyst, is quoting as saying, "This makes sense. It's not a slam-dunk proposition, but it makes sense. Six networks was too many."