Looks like GMCA / TfGM are proceeding with bus franchising, it will be interesting to see how this unfolds & affects First & Stagecoach Manchester businesses and new bus investment:
https://www.greatermanchester-ca.gov.uk/downloads/file/328/gmca_notice_-_4_july_17_proposed_bus_franchising_scheme
I'm just reading this as 'preparing an assessment', rather than an actual procedding with franchising.
It will be interesting to read the final assessment's findings, especially with regard to viability (ie costs), and to see whether the WMCA would also consider a similar assessment to be undertaken here.