[W. Knight]

Disney would've acquired Art Attack anyway. In 1993, TVS was sold to International Family Entertainment. In 1997, IFE was sold to Fox Kids Worldwide (a joint venture of Fox and Saban). In 2001, Disney took over Fox Kids, and as such, now own the TVS archive.

Not too sure if that'll be Disney or Warner though, if TVS did keep their license:
twitter.com 

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One thing that's overlooked in the discussions, IMO, is the emphasis of outside media juggernauts buying the entire network, according to the news at the time. Mediaset wanted to have a slice, RTL was eyeing up for it... Like this BBC2 report:
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Although it did later happen (to the now-indie Thames and later C5 anyway), but the main network wasn't as 'up for grabs' as the press might have thought. The mergers between regions in mid-90s might have helped preventing that.