I don't know who they might merge with or be bought by, but, in order to become a lot more profitable, they need access to cash and/or grow in size.
When I first bought in, I thought Genius Brands might buy WOW, to become an in-house animation studio, for their own projects. They would be able to pump animated series/movies out quickly. Genius was looking for accretive acquisition targets, had plenty of cash, and WOW has a low valuation. Genius acquired other stuff.
As I looked at WOW's animated series, I saw more than a few on Netflix. Netflix has been pumping money into producing original content as anime series (Japanese animation studios). I thought Netflix might want to buy WOW and expand it for their own projects. Netflix has started their own animation studio.
WOW is a target for any streaming service that would want to add original animated series to their service, movies studios, and other animation studios (for added capacity). The US part of WOW (Mainframe) does movie/TV special effects.
There are always animation studios on the brink of bankruptcy, maybe they are looking for one of them.
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