Noam Galai/Getty Images Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment Media and telecom deals volume experienced a bump in the second half of 2025 and the six-month period from June to November, boosted by "a surge in mega-deals, intensified competition for premium intellectual property (IP), and improving financing conditions," accounting and consulting services firm PwC said in its just-released year-end report. And that was the case even before Netflix, run by co-CEOs Ted Sarandos and Greg Peters and chairman Reed Hastings, agreed to buy Warner Bros. in a megadeal valued at $82.7 billion. After all, PwC used data of announced, not completed, deals through the end of November; the Netflix transaction was only unveiled on Dec. 5. Related Stories Movies Becky G Documentary 'Rebbeca' to Debut on Netflix Business Netflix Strikes Video Podcast Deal With Barstool Sports "For media and telecommunications M&A, the past six months have been characterized by headline-grabbing mega-deals, increased consolidation within streaming, and a pronounced shift toward profitability and scale - underscoring a renewed confidence among both strategic and financial buyers in deploying capital," PwC highlighted. "Sector M&A activity saw a marked uptick in the second half of 2025, driven by more favorable financing conditions, strategic portfolio realignments, and a rejuvenated investor appetite for premium intellectual property." Deal volume for the June-November 2025 period jumped 61 percent over the same timeframe in 2024, according to PwC. For the second half of 2025 through November, meaning the five months of July to November, deal value rose 35 percent from $112 billion in the comparable period of 2024 to $151 billion, its report showed. Second-half 2025 deal volume, meaning the number of deals, declined from 1,112 in 2024 to 945. About the big deal that had Hollywood and Wall Street alike buzzing and debating the fallout late this year, the firm wrote: "A streaming megadeal is reshaping the industry. Netflix's announced acquisition of Warner Bros. Discovery, valued at $82.7 billion total enterprise value, marks the largest streaming transaction to date and a defining moment for the sector." Add to that Paramount Skydance's potential to sweeten its rival offer, and "you have all the ingredients for a protracted battle over one of the most storied studios in Hollywood," the report added. Outside of Hollywood, PwC also highlighted other hot sectors. "Gaming is solidifying its place as a core pillar of the entertainment ecosystem," it argued, pointing to the $55 billion take-private of Electronic Arts by PIF, Silver Lake, and Affinity Partners. "Beyond this landmark transaction, deal activity is broadening across mid-market studios, AI-driven development platforms, and esports ecosystems. Collectively, these developments highlight how interactive entertainment has risen to stand alongside film, sports, and streaming as a principal force in driving engagement, monetization, and M&A momentum." Plus, sports valuations are "surging," PwC noted. "Capital continues to flow into the sports value chain, from team ownership and stadium assets to media rights and women's leagues, as investors pursue durable, fan-driven returns. The $10 billion Los Angeles Lakers sale set a new benchmark, reinforcing that sports intellectual property (IP), live rights, and venue infrastructure now sit at the intersection of media, entertainment, and private capital." Among TV deals, local TV station giant Nexstar Media Group agreed to acquire smaller rival Tegna in a $6.2 billion combination. And among cable and telecom transactions, Charter Communications agreed to buy Cox in a $34.5 billion merger, while Charlie Ergen's EchoStar struck two big deals with Elon Musk's SpaceX. Looking ahead, the firm expects active deal-making or at least deal talks. The deal for Warner Bros. "spurs a new wave of portfolio rationalization and puts pressure on other players to streamline operations, shed non-core assets, and secure partnerships for content, distribution, and technology," it argued. PwC's recommendation: "Companies should begin identifying opportunities for bundling and cross-platform partnerships that can strengthen margins and improve subscriber retention. At the same time, they should consider divesting underperforming linear or regional assets to unlock capital for investments in premium IP or complementary platform extensions, such as video games." Concluded the PwC report: "The adage that 'content is king' continues to assert itself even in the most recent of times. Whether it's content libraries, video games, or even sports assets, we continue to see capital invested in vehicles that own this IP and can monetize it across the flywheel. ... With a favorable M&A backdrop to