The latter already happened[1]. Bayer offloaded most of it's ag business (to BASF) and replaced it with Monsanto. Monsanto has been rebranded "Bayer Crop Science". Although I'm guessing much for the same reason, Monsanto never rebranded any of the dozens of seed companies it acquired over the years (e.g. Dekalb, Seminis, Asgrow, etc.)
The same also goes for Charter → Spectrum.