Insiders identified the deals they think are most likely to happen in 2025 and beyond.
With several buzzy media and entertainment deals already planned for 2025, industry insiders say next year could see a flurry of M&A activity.
Bankers and investors largely expect Trump's return to the White House will be favorable for dealmaking and are rubbing their hands together in anticipation of a big year ahead.
"Every banker that has pay-TV is crunching the numbers," said Jonathan Miller, CEO of Integrated Media, which invests in digital media. Miller sees media at an inflection point that could accelerate M&A. Now that streaming TV businesses are maturing, owners of linear TV channels can start to think about hiving off that no-growth business.
A big player here is Comcast, which announced in November that it would spin off most of its NBCUniversal cable channels, including CNBC, MSNBC, and E!, into a new SpinCo. That new entity plans to grow in part by acquiring other cable channels, so the move is widely expected to trigger other deals.
A second potential trigger of M&A is Skydance Media's long-awaited merger with Paramount Global. This will combine David Ellison's production company, known for hits like "Top Gun: Maverick," with Paramount's assets, including a storied movie studio, CBS News, and cable networks like MTV and Nickelodeon. Paramount is expected to get rid of assets alongside the merger.
Both the Comcast and Paramount deals are expected to close in the second half of 2025.
Another big theme that could pave the way for deals is the continued fallout of Peak TV's end, which industry insiders expect to continue to winnow the number of independent TV suppliers. Look for more production companies to shut down or combine, as in the recent merger of LeBron James' sports-focused SpringHill with Fullwell 73, the production company behind "The Kardashians."
While Big Tech has become a major player in entertainment and, increasingly, sports rights, don't look to them to be the savior of struggling media and entertainment companies.
"The tech companies have realized they could get the milk without buying the cow," said Alex Iosilevich, partner at Alignment Growth, which invests in media and entertainment. "You see it with the sports rights. You don't need to buy Warner to get the next NBA rights."
Business Insider spoke with half a dozen media and entertainment investors, bankers, and advisors who speculated about the deals they think could happen in 2025 and beyond. Some of the people were granted anonymity to protect business relationships; their identities are known to BI.