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Although cable industry merger and acquisition activity has been in a relative holding pattern, a group of venture capitalist firms believe that cable program networks could see an uptick in M&A activity. Speaking at last week`s Advertising Week conference, Thomas H. Lee Partners managing director Richard Bressler argued that cable`s advertising and affiliate-fee revenue could be attractive attributes for potential bidders. Bressler added that the more likely factor is a turnaround of the debt market. "The liquidity in the debt markets is incredibly deep," he said.

Bain Capital, while cautioning that the cable advertising market will never see a major boom again, expressed similar optimism. And Bain should know. With The Weather Channel in its pocket, Ian Loring, Bain Capital`s managing director, said cable`s skill in providing targeted advertising makes cable networks a viable medium. "For advertisers, it represents a targeted form of reaching your customers," Loring said. "And they [cable networks] have captured a lot of the share of viewers."