Conventional wisdom has it that the wave of media deal making could renew Shari Redstone’s zeal for merging CBS and Viacom. A more likely outcome is that CBS is sold to someone else, putting a merciful end to one of the great corporate soap operas of the decade.

Ms. Redstone’s National Amusements, the parent company of CBS and Viacom, seems to have given up on the idea of merging the companies after months of bickering. In a recent court filing, the company insisted that it no longer supported a deal. The filing goes on to...