Media sector deal volume declined in 2025, but total deal value surged from $100 billion to nearly $250 billion, helped by such mega-transactions as the planned Netflix–Warner Bros. Discovery combination and the sale of gaming giant Electronic Arts.
Consulting firm KPMG, in its M&A review report for last year, highlighted that the increase was driven by high valuations due to “a focus on premium, ‘must-have’ content with predictable revenue, specifically monetizable IP, premium sports rights, and immersive gaming.” Its conclusion: “In 2025, media dealmaking was about quality, not quantity.”
KPMG mentioned the likes of the $82.7 billion deal between Netflix and Warner Bros. Discovery (WBD), which the streamer’s co-CEO, Ted Sarandos, and WBD CEO David Zaslav have been touting, and the $55 billion take-private transaction for Electronic Arts as mega-combinations that raised eyebrows and made headlines.
“Media M&A in 2025 told a story of fewer deals but far bigger swings,” the firm emphasized in the report. “Although activity slowed throughout the year, with deal volume declining … 10.1 percent from 2024, the sector delivered one of the most dramatic value surges,” KPMG noted. “Over the full year, it posted the strongest value expansion in the entire sector. Total deal value jumped from $100 billion in 2024 to nearly $250 billion in 2025, powered by a wave of bold, strategic bets.”
The consulting firm highlighted a “decisive shift in what buyers were willing to chase,” explaining: “As subscriber growth stabilized and the streaming wars matured, investors refocused on assets with staying power: monetizable IP, scalable distribution networks, and the next generation of AI-enabled advertising capabilities.”
KPMG pointed out “headline-grabbing mega transactions, led by the landmark Netflix–Warner Bros. Discovery deal,” arguing that the transaction “signaled that scale and premium content remain the most important currency in a crowded market.”
Concluded KPMG: “In a world where consumer attention is fragmented, premium sports rights and immersive gaming environments offer some of the last remaining ‘must have’ content categories. 2025 marked a breakout moment as investors leaned into assets with global resonance and deeply engaged fan bases for their predictable revenue and cross-platform monetization potential. The Koch family’s minority stake investment in the New York Giants and the $55 billion take-private of Electronic Arts underscored that appetite.”
KPMG’s Q4 2025 M&A trends report