"Dealmaking was about quality, not quantity" last year, consulting firm KPMG finds, pointing out "fewer deals but far bigger swings."

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 Source: https://www.hollywoodreporter.com/business/business-news/media-deals-value-2025-netflix-wbd-kpmg-1236510534/