I think they might see the value in holding onto the Cleo branding as part of their corporate back catalogue until such time as they can revive it in a different form. Mixing it in with Cosmo might not be appropriate if that’s the plan. Of course, they can always steal bits from Cleo and incorporate that into Cosmo.
When ACP brought all the Emap titles, I was surprised that a lot of the titles weren’t merged then. Like Ralph and FHM - that could’ve been merged until the FHM title.