D&D has much more to fear from Hasbro than it ever will from Paizo. Not because the owners of WotC are necessarily malicious in any sense, but just because they're so big and D&D so small - Hasbro could crush D&D underfoot in a casual reorganisation and completely fail to notice.
That would almost certainly come down to licensing and that, unfortunately, seems to be entirely out of the control of Wizards' creative department. I'd love to hear the inside scoop on the license wrangling that occurred in the run-up to 4e (I've heard it's pretty bad). And I wonder if Hasbro learned anything from it, because if they haven't and don't produce a more favorable license, I can't see Paizo participating
Yeah, I think this gets to the heart of the problem. If you believe Ryan Dancey, 4E was almost entirely driven by Hasbro's demands to turn D&D into a $100 million brand, when its natural level was around $25-30 million. The scheme Wizards came up with to meet that demand--turning 4E into a digital offering and eventually transitioning it into an MMO--was almost certainly doomed to failure, but they had to try. In the event, it exploded on the launch pad when the DDI contractor totally failed to deliver. They got something working eventually, but by then it was too late.