By Sean Burch and Lucas Manfredi

Any consolidation on the scale of Friday morning’s surprise announcement by cable giants Charter Communications and Cox Enterprises that they plan to merge in a deal valued at $34.5 billion deal counts as rarified M&A these days.

Combining the No. 2 and No. 3 players, by revenue, in an industry is certain to raise a few eyebrows, but especially in media and entertainment, where business seems balanced precariously between ever-shifting tectonic plates.