Mega deals from Netflix to JioHotstar fuel $144 billion media and entertainment M&A in 2025
The companies, rather than waiting out uncertainty, they used it to redraw boundaries--consolidating, simplifying and positioning themselves
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Despite tariff shocks, geopolitical unease and a renewed India-Pakistan standoff, 2025 did not turn into the year of retreat many dealmakers had feared. Instead, mergers and acquisitions pushed forward, driven by a handful of outsized transactions that reshaped industries even as uncertainty lingered in the background.
Globally, M&A activity rebounded sharply. Bain & Company estimated the deal value reached $4.8 trillion in 2025--a 36% increase from the previous years. In India, companies announced nearly 650 transactions, lifting disclosed deal value beyond $70 billion--a sign that corporate India remained willing to bet on scale, consolidation and long-term growth despite near-term volatility.
What distinguished this year's dealmaking was not volume but intent. "Investors chose quality over quantity," said Sunil Parmar, an assistant professor of finance and law at KJ Somaiya Institute of Management. Strategic reshaping , rather than opportunistic buying, drove transaction, particularly in media and entertainment, financial services, power and pharmaceuticals. Cumulative deal values crossed $75 billion, easily surpassing 2024 levels, he said.
Nowhere was that clarity of purpose more visible than in media and entertainment, an industry under pressure from slowing advertising, streaming fatigue and rising content costs. The media and entertainment industry emerged as one of the most active arenas for dealmaking in 2025, recording transactions worth roughly $144 billion, according to an analysis by Storyboard18.
Netflix's proposed $82.7 billion acquisition of Warner Bros Discovery's studios and streaming assets became the year's most consequential and contested transaction. The deal, which would fold HBO, DC Studios and Warner Bros Pictures into Netflix's global platform, has drawn rival interest from Paramount Skydance and is under regulatory scrutiny in both the US and Europe.
Advertising, too, saw consolidation as firms sought scale to compete with technology platforms. Omnicom Group's $13.25 billion all-stock acquisition of Interpublic Group would create the world's largest advertising agency, with combined revenues exceeding $25 billion, positioning the group for an era increasingly shaped b AI.
In India, the merger of Viacom18 and Disney Star resulted in JioHotstar, a streaming platform that now claims 300 million paying subscribers. Speaking at Reliance Industries' annual meeting, Akash Ambani described it as the world's second-largest streaming service, achieved entirely within India. Valued at about $8.5 billion, the dealings expected to give the combined entity close to 40% of the country's advertising market.
The other most consequential transactions of the year were the $55 billion acquisition of video game publisher Electronic Arts by a consortium led by Silver Lake, Saudi Arabia's Public Investment Fund, and Affinity Partners, the investment firm founded by Jared Kushner. In the United States, Charter Communications' $34.5 billion purchase of Cox Communications signaled a renewed push toward consolidation in broadband and cable, even as traditional television audiences continued to erode.
Small, though still significant, deals underscored the breadth of the consolidation wave. Nextar Media Group's $6.2 billion acquisition of Tegna reshaped local broadcasting, while Disney's $1 billion equity investment in OpenAI in December highlighted how legacy media companies are increasingly looking beyond content libraries, placing strategic bets on AI to secure their future.
All together, 2025's deals suggested a shift in corporate behaviour. The companies, rather than waiting out uncertainty, they used it to redraw boundaries--consolidating, simplifying and positioning themselves for markets that may look very different by the end of the decade.
