In short it is a gut feeling...I don't know much about...

In short it is a gut feeling...

I don't know much about mergers/acquisitions as its not my area of expertise. However, the purpose of a merger in my mind, is to expand market share, reduce risk and and increase profits.

I am unsure at a customer base level, if at a consumer level, 2D and Orcon clients have the same disposable income to buy Sky products (apart from maybe Neon). At a corporate level, I think a bundle is possible here, however I don't see why Sky wouldn't want to bundle this themselves and cut 2D and Orcon in. So at a market share level, I am unsure if a merger would significantly benefit either entity. I think merging with Vodafone would line up better for Sky.

In relation to reducing risk, i'm unsure if Sky would want to merge with 2D and Orcon. The angle that Sky TV has spun is a come back story of a content aggregator that is branching into streaming and content creation. I am unsure if bolting itself onto a telco would line up with the story or reduce its risk or provide significant benefits here. Sky in my mind, is already in a relatively safe space and can partner with any of the big telco's, why would they want to limit themselves to the new 2D and Orcon entity. I also don't completely see the benefit for 2D and Orcon to bundle on Sky services when they could just partner with Sky as they are (i dont think the benefits here are significant or bvious enough here to warrant a merger).

On the point of profit and i'm going to add in goodwill brand name value here. I don't really see why Sky would want to run its business with 2D and Orcon. In my mind, Sky's brand level is of a higher tier when compared to 2D and Orcon. If a merger play was made (which I don't think is likely), it begs the question, why wouldn't Sky just merge with Vodafone? It is arguable that ComCom would look at the merger in the same light.

Even if a merger play was made, I don't see it being soon. In my opinion, the new entity will likely need time to put things in order structurally so that they are in a strong operating position before they look at another significant commercial play.
Just my 2cents.