Changing the names of the magazines is very possible - if not almost necessary.
The Watchtower has a lot of negative connotations for much of the public, while Awake! is only referenced along with The Watchtower, as in "here are copies of the new Watchtower and Awake!" No one ever refers to JWs as being "those people selling (or giving away) Awake! magazines."
Changing the names of the magazines also has a great deal of precedence.
"Zion's Watch Tower and Herald of Christ's Presence" was changed to "The Watch Tower and Herald of Christ's Presence." (1908)
In 1931 the name was change to "The Watchtower and Herald of Christ's Presence."
In January, 1939 it became "The Watchtower and Herald of Christ's Kingdom." In March of that same year it became "The Watchtower Announcing Jehovah's Kingdom." (Eliminated Jesus Christ from the mix...)
In 2008, The Watchtower was split into public and study editions. In mid-2011 a "simplified edition" of the study version was also published.
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Awake! wasn't always Awake!
From 1919 to 1937 it was known as "The Golden Age." Most of the article were by contributors, including officers of the Watchtower Society - especially wackos Clayton Woodward - and later Fred Franz.
From 1937 to 1946 it was completely redesigned and renamed "Consolation."
In Augsust 1946 it was completely redesigned and renamed "Awake!" and all contributors and writers were not identified - except for a few special "personal life story" articles "written by" or "as told by" certain special pioneers or ranking individuals.
Some Watchower published books have also had their titles changed, their colors changed, and their sizes changed (and a lot of interior text and doctrines changed as well.)
So it makes a lot of sense to combine the Watchtower public edition and the Awake! into one new magazine with a few extra pages, and maybe like the Plain Truth magazine (Worldwide Church of God) a more compact and glossy paper edition will be directed to the public.
At this point it is all conjecture and rumor - but I expect to see some major changes within the next 36 months reqarding publications, both paper and online.
JV