By my quick calculations, the combined VVTV/NM entity is trading at least 5% below tangible book value, and that's not counting some of the hidden valuation within VVTV (e.g. market value for radio stations instead of book value). Yes, I question the merger a little, but there could ultimately be some value here at these price levels.
The merger with NM is a done deal. This is absolutely no arbitrage at this point. By my calulation NM should be worth approx. $2.75 at this level. Once the players name a big time CEO, you will see the stocks move higher. Hopefully, the synergies exist to transform two troubled companies into one profitable one.