The volume of media sector deals declined in 2025, but the total value of deals rose from $100 billion to nearly $250 billion, helped by such mega-transactions as the planned merger between Netflix and Warner Bros. Discovery and the sale of gaming giant Electronic Arts.
Consultancy KPMG, in last year’s M&A review report, highlighted that the increase was driven by high valuations due to a “focus on ‘must-have’ premium content with predictable revenues, specifically monetizable intellectual property, premium sports rights, and immersive gaming.” Her conclusion: “In 2025, media dealmaking is about quality, not quantity.”
KPMG has mentioned the likes of the $82.7 billion deal between Netflix and Warner Bros. Discovery (WBD), which the streaming company’s co-CEO Ted Sarandos, WBD CEO David Zaslav, and Electronic Arts’ $55 billion private deal touted as blockbuster combinations raised eyebrows and made headlines.
“Media mergers and acquisitions in 2025 tell a story of fewer deals but much greater volatility,” the company stressed in the report. “Despite a slowdown in activity throughout the year, with deal volume… down 10.1 percent from 2024, the sector achieved one of the most dramatic increases in value,” KPMG noted. “Over the full year, it recorded the strongest value expansion in the entire sector. Total deal value jumped from $100 billion in 2024 to nearly $250 billion in 2025, fueled by a wave of bold, strategic bets.”
The consultancy highlighted a “critical shift in what buyers were willing to chase,” explaining: “As subscriber growth plateaued and the streaming wars matured, investors refocused on assets with staying power: monetizable intellectual property, scalable distribution networks, and next-generation AI-powered advertising capabilities.”
KPMG noted “the mega deals grabbing the headlines, led by the historic Netflix-Warner Bros. Discovery deal,” saying the deal “suggests that volume and premium content remain the most important currency in a crowded market.”
“In a world of fragmented consumer attention, premium sports rights and immersive gaming environments provide some of the last ‘must-have’ content categories,” KPMG concluded. “2025 marked a breakout moment as investors turned to assets with global resonance and deeply engaged fan bases due to their expected revenue and cross-platform monetization potential. The Koch family’s minority stake investment in the New York Giants and Electronic Arts’ $55 billion takeover underscored that appetite.”
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