Two equal-sized newspapers have overlap circulation of 20% (20% of the subscribers subscribe to both newspapers). Advertisers are willing to pay $15 to advertise in one newspaper but only $30 to advertise in both, because they're unwilling to pay twiceto reach the same subscriber. What's the likely bargaining negotiation outcome if the advertisers bargain by telling each newspaper that they're going to reach agreement with the other newspaper, so the gains to reaching agreement are only $14? Suppose the two newspapers merge. What is the likely postmerger bargaining outcome?