Fox and Time Warner Need Each Other

[Commentary] Twenty-first Century Fox CEO Rupert Murdoch's plan makes sense, and Jeffrey Bewkes, Time Warner's whip-smart chief executive officer, will eventually find a partner. Why?

Because even very powerful programmers such as Time Warner need increased heft to deal with the ever-more-concentrated US distribution market.

To control their own destiny, to ensure that they're able to reach viewers on their own terms (rather than paying unlimited tribute to ComcastTimeWarnerCable), programmers will need all the firepower they can muster. That means having as much sports and high-value content as possible on their side of the table. In turn, that means getting bigger.

[Crawford is John A. Reilly visiting professor in intellectual property at Harvard Law School]