My wife and I want to combine our separate iTunes accounts. Possible?

My wife and I have separate iTunes accounts and want to combine them.  We each have personal iPhones, iPads, and Macs which we use for work and a third iPad for our three kids.  As to be expected, we have games and applications loaded on our personal iPads for kids so no one gets left out.  However, invariably, one of us has an application or in app urchase that the other doesn't so at least one of the kids feels 'left out'.  We use an Airport Time Capsule to store all of our itunes media and have authorized each of our devices to play iTunes media, but ultimately, we would like to delete both of our accounts and start over with a fresh 'family' account so everyone has access to the same media and applications.  Is it possible to do so without keeping both of our existing accounts and creating a new account that is authorized to play our existing media?
Thanks,
Pete

No it is not possible.  Content purchased from the iTunes Store is permanently tied to the account from which it was originally purchased, and Apple does not provide a way to change it.

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