That is a good question - obviously it seems a merger would have been more difficult to justify with SXL in the 160s or more, and NEC sub $1. They also set up a bit of an alliance anyway.
I'd rather NEC acquire something that is digital and entertainment related and leverages off their existing expertise and business. No idea what that would be though. While FTA TV is shrinking, entertainment spending is changing and growing faster than ever.
We just have to see what happens. NEC seemed cheap at 7.5x and SXL expensive at 15x fc17 (before todays close) to me.
News: NEC Nine Entertainment sells its entire stake in Southern Cross Media, page-10
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