Tag Archives: Mergers, Acquisitions & Takeovers

The Morning After: Tech’s biggest winners of 2025

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As we wrap up 2025, we’re looking at the year’s biggest winners: the people, companies, products and trends that made the most impact over the year. Almost at the top of the pile, of course, are the tech billionaires. 

According to a recent report by Oxfam, the 10 richest US billionaires (who are all tech leaders, save for Warren Buffet) increased their wealth by $698 billion in 2025. Some of that has been spent treating and lavishing donations on President Trump. Elon Musk reportedly donated nearly $300 million to Trump and Republican allies, and several tech companies have pitched in to build the president’s White House ballroom.

TMA
ALLISON ROBBERT via Getty Images

Thanks to updates from Meta, Google, OpenAI and others, AI video is more realistic and easier to make than ever. AI video is everywhere. It’s not only overtaken your Facebook and Instagram recommendations, but Meta created an entirely separate feed just for users’ AI-generated fever dreams. The numbers are huge: OpenAI’s Sora, which lets you make AI videos of real people, was downloaded a million times in just a few days. And Google’s Veo generated more than 40 million videos in a few weeks of launching. AI slop is here to stay, and it’s everywhere.

We didn’t say the winners would all be positive. But hey, the Switch 2 is great.

— Mat Smith

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The Warner Bros. studios water tower. (Reuters / REUTERS)

Paramount wasn’t going to let Netflix pick up Warner Bros. Discovery (WBD) without a fight. Following the streaming service’s $82.7 billion deal to buy much of WBD, Paramount is making a hostile takeover bid of $108 billion, pitching directly to WBD shareholders with an all-cash offer of $30 per share, which expires on January 8.

Last week, the WBD board unanimously accepted Netflix’s offer of $27.75 per share. That breaks down to $23.25 per share in cash and another $4.50 per share in Netflix stock. Paramount, however, wants to pick up the entirety of WBD, while Netflix only wants the studios and streaming businesses.

Whoever bought (or buys?) WBD would face government opposition from all sides. Paramount had already sent WBD a letter questioning the “fairness and adequacy” of the acquisition bidding process before its hostile takeover bid.

President Trump warned the Netflix deal could be a “problem.” According to data from JustWatch, a combined Netflix and HBO would account for 33 percent of the US streaming video market.

Continue reading.

Katsuhiro Harada is departing Bandai Namco at the end of 2025. He announced the news both with a farewell note shared on X and, of course, an hour-long DJ mix. Harada’s 30-year career has been most closely involved with Tekken, and he’s a familiar face in the fighting game community.

Harada wrote on X: “To everyone who has supported me, to communities around the world, and to all the colleagues who have walked alongside me for so many years, I offer my deepest gratitude.”

Continue reading.

This article originally appeared on Engadget at https://www.engadget.com/general/the-morning-after-engadget-newsletter-122328464.html?src=rss

The Morning After: Tech’s biggest winners of 2025

Posted on by

As we wrap up 2025, we’re looking at the year’s biggest winners: the people, companies, products and trends that made the most impact over the year. Almost at the top of the pile, of course, are the tech billionaires. 

According to a recent report by Oxfam, the 10 richest US billionaires (who are all tech leaders, save for Warren Buffet) increased their wealth by $698 billion in 2025. Some of that has been spent treating and lavishing donations on President Trump. Elon Musk reportedly donated nearly $300 million to Trump and Republican allies, and several tech companies have pitched in to build the president’s White House ballroom.

TMA
ALLISON ROBBERT via Getty Images

Thanks to updates from Meta, Google, OpenAI and others, AI video is more realistic and easier to make than ever. AI video is everywhere. It’s not only overtaken your Facebook and Instagram recommendations, but Meta created an entirely separate feed just for users’ AI-generated fever dreams. The numbers are huge: OpenAI’s Sora, which lets you make AI videos of real people, was downloaded a million times in just a few days. And Google’s Veo generated more than 40 million videos in a few weeks of launching. AI slop is here to stay, and it’s everywhere.

We didn’t say the winners would all be positive. But hey, the Switch 2 is great.

— Mat Smith

TMA
The Warner Bros. studios water tower. (Reuters / REUTERS)

Paramount wasn’t going to let Netflix pick up Warner Bros. Discovery (WBD) without a fight. Following the streaming service’s $82.7 billion deal to buy much of WBD, Paramount is making a hostile takeover bid of $108 billion, pitching directly to WBD shareholders with an all-cash offer of $30 per share, which expires on January 8.

Last week, the WBD board unanimously accepted Netflix’s offer of $27.75 per share. That breaks down to $23.25 per share in cash and another $4.50 per share in Netflix stock. Paramount, however, wants to pick up the entirety of WBD, while Netflix only wants the studios and streaming businesses.

Whoever bought (or buys?) WBD would face government opposition from all sides. Paramount had already sent WBD a letter questioning the “fairness and adequacy” of the acquisition bidding process before its hostile takeover bid.

President Trump warned the Netflix deal could be a “problem.” According to data from JustWatch, a combined Netflix and HBO would account for 33 percent of the US streaming video market.

Continue reading.

Katsuhiro Harada is departing Bandai Namco at the end of 2025. He announced the news both with a farewell note shared on X and, of course, an hour-long DJ mix. Harada’s 30-year career has been most closely involved with Tekken, and he’s a familiar face in the fighting game community.

Harada wrote on X: “To everyone who has supported me, to communities around the world, and to all the colleagues who have walked alongside me for so many years, I offer my deepest gratitude.”

Continue reading.

This article originally appeared on Engadget at https://www.engadget.com/general/the-morning-after-engadget-newsletter-122328464.html?src=rss

Paramount makes a $108 billion hostile takeover bid for Warner Bros. Discovery

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Paramount has been none too pleased about Netflix striking an $82.7 billion deal to buy much of Warner Bros. Discovery (WBD). Now, Paramount is making a hostile takeover bid for WBD. It's making its pitch directly to WBD shareholders with an all-cash offer of $30 per share that expires on January 8.

Late last week, the WBD board unanimously accepted Netflix's offer of $27.75 per share. That breaks down to $23.25 per share in cash and another $4.50 per share in Netflix stock. Netflix's overall bid is valued at $82.7 billion, while Paramount's totals $108.4 billion.

There's a key difference when it comes to the Paramount offer, as it’s for all of WBD. The latter is scheduled to split into two companies next year. Netflix only wants the Streaming and Studios side of WBD's business, which includes HBO Max and the Warner Bros. film, TV and game studios.

Paramount is after the whole shebang, including WBD's cable channels (Global Networks). "WBD's Board of Directors recommendation of the Netflix transaction over Paramount's offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity," Paramount said in a press release on Monday.

As of the end of September, WBD was carrying $34.5 billion of gross debt. It planned to saddle the Global Networks company (aka Discovery Global) with most of that. The Paramount offer includes $40.7 billion in financing from the family of Paramount CEO David Ellison — his father is Oracle co-founder Larry Ellison — and RedBird Capital, but it would be taking on more debt to secure a deal for WBD. The bid includes "$54 billion of debt commitments from Bank of America, Citi and Apollo." (Apollo owns a majority stake in Yahoo, Engadget's parent company).

According to an SEC filing [PDF], other entities are backing the Paramount bid, including Jared Kushner’s investment firm Affinity Partners and the sovereign wealth funds of Saudi Arabia (the Public Investment Fund), Qatar and Abu Dhabi. Tencent was a financing partner in a previous Paramount offer, but it’s not involved with the hostile takeover attempt.

In a letter sent to WBD CEO David Zazlav before the company accepted Netflix's offer, Paramount questioned the "fairness and adequacy" of the sale process. It asked whether WBD was acting in the best interest of shareholders after the management team allegedly appeared to favor the Netflix offer.

"Despite Paramount submitting six proposals over the course of 12 weeks, WBD never engaged meaningfully with these proposals which we believe deliver the best outcome for WBD shareholders," Paramount said. "Paramount has now taken its offer directly to WBD shareholders and its Board of Directors to ensure they have the opportunity to pursue this clearly superior alternative."

Paramount — which Skydance bought for $8 billion this year — also claims that its offer is likely to face less regulatory scrutiny than the Netflix offer, which wouldn't close until sometime after WBD splits in two later in 2026. According to CNBC, Paramount executives believe that the company's smaller size and cozy relationship with the Trump administration will help streamline the regulatory process. Over the weekend, President Donald Trump said that Netflix's bid for WBD has "got to go through a process, and we’ll see what happens. But it is a big market share. It could be a problem."

In a statement to Variety, WBD said it will consider Paramount’s latest bid and provide a recommendation to its stockholders within 10 business days — in other words, by December 19. The company said it “is not modifying its recommendation with respect to the agreement with Netflix” for the time being and it is asking shareholders “not to take any action at this time with respect to Paramount Skydance’s proposal.”

Meanwhile, Netflix co-CEO Ted Sarandos said at an event on Monday that Paramount’s new offer was “entirely expected. We have a deal done, and we are incredibly happy with the deal. We think it’s great for our shareholders. It’s great for consumers. We think it’s a great way to create and protect jobs in the entertainment industry. We’re super confident we’re going to get it across the line and finish.”

Update December 8, 2025, 11:14AM ET: Added details about the involvement of sovereign wealth funds and Affinity Partners.

Update December 8, 2025, 2:38PM ET: Added the responses from WBD and Netflix.

This article originally appeared on Engadget at https://www.engadget.com/big-tech/paramount-makes-a-108-billion-hostile-takeover-bid-for-warner-bros-discovery-152248473.html?src=rss

Netflix to buy Warner Bros. for $82.7 billion

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Shortly after rumors of a deal between the two media giants broke, Netflix has announced it is buying Warner Bros., HBO and HBO Max for approximately $82.7 billion. If approved, the deal will take place after Warner Bros. has disentangled itself from both its legacy cable and Discovery assets as part of the already-announced de-merger. That's likely to take place in the third quarter of 2026, with this new tie-up taking place at some point after that.

In a statement, Netflix said it expects to "maintain" Warner Bros. current operations, as well as its policy of theatrical releases for its films. But the deal may spell the end for HBO Max as its own product in the longer term, as the statement also says "by adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose."

Naturally, the deal will see Netflix become one of the biggest players in global media, combining its global reach with some of the most recognizable names in entertainment. That includes HBO, DC Studios, Cartoon Network, its game development studios and TCM, as well as the chunks of TNT not cast adrift with Discovery. 

It's likely the deal will not go ahead without a lot of objections from other buyers, as well as the government itself. Yesterday, Paramount Skydance said (via the Hollywood Reporter) any deal between WB and Netflix would be the result of an "unfair" process. Given the close ties between Paramount's new owners and the administration, it's likely any deal will be subject to scrutiny as well as the usual questions around the size of the combined operation.

Since the announcement was made, Engadget senior reporter Devindra Hardawar has spoken with Hollywood players and collated studies and statements to answer any burning questions you might have on what this deal means for you. He also answers questions about the likelihood of regulatory approval, theatrical releases and physical media. Catch up on all that in his piece titled “The Netflix and Warner Bros. deal might be great for shareholders, but not for anyone else.”

Update, December 5 2025, 1:45PM ET: This story has been updated to add a paragraph and link to a new article we’ve published that contains deeper analysis and more information about the Netflix/Warner Bros. deal and what that might mean for streaming, movies, TV and shareholders.

This article originally appeared on Engadget at https://www.engadget.com/entertainment/netflix-to-buy-warner-bros-for-827-billion-120836295.html?src=rss

Netflix is reportedly in exclusive talks to acquire Warner Bros. and HBO

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Netflix is in exclusive talks to acquire Warner Bros. Discovery's film and TV studios and HBO Max streaming service, according to sources from Bloomberg. That suggests Netflix submitted a superior offer to rivals including Paramount Skydance Corp (owned by billionaire Larry Ellison) and Comcast, which owns NBCUniversal. The deal could be consummated within days and, if approved, would change the landscape of Hollywood and the streaming market. 

Warner Bros. Discovery's cable channels including CNN, TBS and TNT, valued at more than $60 billion, would not be part of the deal and spun off prior to the closing. However, Netflix would become the owner of the HBO network and its library of series (The Sopranos, Game of Thrones, etc.), along with its Burbank studios and massive film and TV archive consisting of 12,500 feature films and 2,400 TV series, including properties like Batman, Lord of the Rings and Friends. 

A big sweetener offered by Netflix was a $5 billion breakup fee if the deal isn't approved by regulators, according to people familiar with the discussions. That's a considerable risk on Netflix's part, as the acquisition is likely to be closely scrutinized by the FCC and even President Trump himself, who reportedly has close ties to Ellison. It would also need to pass muster with regulators from other nations, considering the wide reach of WBD and Netflix. 

After multiple suitors, including Paramount Skydance expressed interest in buying Warner Bros. Discovery, CEO David Zaslav put the company up for sale in October. The bidding process has been heated, with Paramount's lawyers complaining that WBD "embarked on a myopic process with a predetermined outcome that favors a single bidder," namely Netflix. Paramount argued that its deal would be more palatable to regulators around the world.

However, Zaslav's camp has said that it would achieve the best value in a sale by splitting off its cable assets and doing two separate deals, CNN reported. Both Paramount Skydance and Comcast submitted deals to buy all of WBD's assets. 

Netflix offered around $28 a share for WBD minus the cable assets, according to Deadline. Shares were as low as $7.50 earlier this year. The acquisition would be far and away the largest for Netflix, which has historically favored organic growth. 

An acquisition could have a huge impact on streaming customers and filmgoers. Would Netflix merge its catalog with HBO Max or continue to run the latter as a separate service? It's also not clear if Netflix would honor Warner Bros.' commitment to theatrical releases, considering that Netflix CEO Ted Sarandos has called movie theatres an "outdated concept."

This article originally appeared on Engadget at https://www.engadget.com/entertainment/streaming/netflix-is-reportedly-in-exclusive-talks-to-acquire-warner-bros-and-hbo-082233278.html?src=rss

The UK approves Google’s $2 billion investment in Anthropic

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The UK’s competition regulator has cleared Google's $2 billion investment in Anthropic, according to reporting by Bloomberg and others. The Competition and Markets Authority (CMA) has officially concluded that the company hasn’t acquired “material influence” over the AI startup Anthropic as a result of the investment.

The continuing investigation into the partnership has also been squashed, with the UK antitrust watchdog saying that the investment doesn’t qualify for a full probe under merger rules. This is after phase one of a formal investigation was announced back in October.

“Anthropic is an independent company and our strategic partnerships and investor relationships do not diminish our corporate governance independence or our freedom to partner with others,” a company spokesperson said after the CMA announced its findings.

Google’s investment into Anthropic gives the company non-voting shares and consultation rights on significant business issues. Anthropic is best known for creating the Claude AI assistant, which is in direct competition with Google Gemini. Earlier this year, the CMA expressed concern regarding the “interconnected web” of partnerships and investments in the rapidly advancing world of AI.

The CMA also allowed a similar investment to go through in which Amazon forked over a whopping $4 billion to Anthropic. It didn’t even investigate that one, on the grounds that Anthropic’s UK turnover didn’t exceed £70 million and the two parties didn’t combine to account for 25 percent or more of the region’s supply of AI LLMs and chatbots.

Microsoft’s investment into OpenAI, however, is still under scrutiny by the CMA. The watchdog group did clear Microsoft’s investments with the AI startups Mistral and Inflection.

This article originally appeared on Engadget at https://www.engadget.com/big-tech/the-uk-approves-googles-2-billion-investment-in-anthropic-162226536.html?src=rss

Uber is reportedly exploring an Expedia takeover

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Uber is reportedly exploring the idea of purchasing Expedia, one of the largest travel booking companies in the world, according to the Financial Times. Expedia, which is valued at $20 billion and which reported its highest-ever annual revenue in 2023, will be the company's biggest acquisition, if the deal does indeed push through. The Times says it's very early days, however, and Uber hasn't even made a formal offer for the travel company yet. It's still in the process of studying the implications of acquiring Expedia and has, over the past months, worked with advisers to figure out whether the deal is feasible and how it would be structured. 

The company's CEO, Dara Khosrowshahi, may have to sit out deal discussions, seeing as he used to be CEO of Expedia before he was hired by the ride-hailing service in 2017. He's still in its Board of Directors, as well. It doesn't sound like Khosrowshahi was the one who suggested the potential purchase, though — in its report, the Times said the idea was "broached by a third party."

Uber has had plans to become a wider travel booking platform for a while now. Khosrowshahi said he wanted Uber to be the "Amazon of transportation" from the time he joined the company. Since then, the ride-hailing service has added train, bus and flight bookings in some markets, and it has also made several large acquisitions. It purchased online food delivery service Postmates for $2.65 billion and alcohol delivery service Drizly for $1.1 billion before shutting it down three years later. The company also teamed up with Waymo and Cruise to offer autonomous rides in certain markets. As the Times notes, Uber became profitable for the first time in 2023 due to a renewed demand for rides and food delivery and could be a in a good position to acquire a company as big as Expedia. 

This article originally appeared on Engadget at https://www.engadget.com/big-tech/uber-is-reportedly-exploring-an-expedia-takeover-120038754.html?src=rss

DirecTV to acquire rival Dish Network for $1, subject to regulatory approval

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It’s always beautiful when two lonely corporations find one another. DirecTV has reached an agreement to acquire Dish Network, according to reporting by The New York Times. This would create a global behemoth in the satellite TV space.

It would also provide some financial armor for the struggling Dish Network. The company’s in debt to the tune of billions of dollars because, well, satellite TV isn’t exactly a growth industry anymore. Stream, baby, stream. All told, Dish has $2 billion in debt that’s due in November and only $500 million in available cash. That math don’t add up to anything but bankruptcy.

The specifics of the deal are pretty dang convoluted. It’s a multi-step transaction with a few players. First, the private equity firm TPG will acquire a majority stake in DirectTV from AT&T for $7.6 billion. Next, DirecTV will buy Dish Network for just a single dollar. However, it’ll also take on that $2 billion in debt. EchoStar, the parent company of Dish, will hold onto some parts of the business as part of the transaction, including over $30 billion in wireless spectrum investments. DirecTV will get the Sling TV video service as part of the deal.

The acquisition would create a massive pay-TV provider, with a combined total of around 19 million subscribers. As a counterpoint, cable TV leader Comcast has 13.2 million subscribers. Netflix is creeping up on 300 million subscribers, to show the stark contrast between pay-TV and streaming.

The companies say they expect the deal to close in the second half of 2025, though the whole thing is subject to regulatory approval. The Justice Department denied a similar merger back in 2002, but that was when the satellite TV industry was at its peak.

More recently, the federal government side-eyed a potential merger between the two companies in 2020 on the grounds that it would deprive rural customers a viable alternative to Dish and DirecTV when looking to purchase 5G wireless service.

This article originally appeared on Engadget at https://www.engadget.com/big-tech/directv-to-acquire-rival-dish-network-for-1-subject-to-regulatory-approval-152041300.html?src=rss

Fubo wins injunction to delay Disney-Fox-Warner’s live sports streamer Venu

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The sports streaming service Fubo has temporarily fended off a huge financial threat from Disney-Fox-Warner’s potential competitor Venu Sports and its collection of sports broadcasting licenses thanks to a recent court ruling. A federal judge in the Southern District of New York granted Fubo’s request for an injunction in its antitrust case against the joint sports streaming venture and its parent companies.

US District Judge Margaret Garnett wrote in an opinion issued earlier today such a concentrated collection of media power would eliminate consumers’ choices. The launch of Venu would also “hike prices on both consumers and other distributors” and create a “multi-year monopolistic runway” in the sports streaming sector for Disney, Fox and Warner.

“Even if the [joint venture] defendants swear that such price-hiking and competition excluding will not actually occur (though…there is good reason to believe that it will),” the opinion reads, “one purpose of antitrust injunctions is to prevent anticompetitive incentives from forming in the first place so that American consumers do not have to simply take their word for it and hope for the best.”

Garnett also wrote the injunction is needed because of “quintessential harms that money cannot adequately repair” if Fox-Disney-Warner’s Venu Sports moves forward.

Fox-Disney-Warner first announced its plans to launch a live sports streaming channel in February and later revealed the name and price for its Venu Sports streaming service. The joint sports streaming venture will cost viewers $42.99 a month with a seven-day free trial and promises 14 channels of live sporting events with access to ESPN+ and four of its spinoff channels, the Fox network and both of its Fox Sports channels and a handful of Warner Bros. owned cable networks such as TNT and TruTV, according to a press release.

Fubo filed its lawsuit a couple of weeks after Fox-Disney-Warner’s initial announcement. Fubo’s antitrust lawsuit accused the trio of media giants of staging “a years-long campaign” to weaken its sports streaming service. The suit also claimed the joint venture would concentrate too many entities in one service and would hinder competitiveness and jack up prices for viewers and distributors.

The injunction puts a temporary hold on Fox-Disney-Warner’s plans for Venu Sports. Its fate will ultimately be determined by the antitrust case in federal court.

This article originally appeared on Engadget at https://www.engadget.com/entertainment/streaming/fubo-wins-injunction-to-delay-disney-fox-warners-live-sports-streamer-venu-215943713.html?src=rss

UK opens antitrust investigation into Amazon over its ties to AI startup Anthropic

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The UK’s antitrust regulator is set to carry out an antitrust investigation into Amazon and its ties with AI startup Anthropic. This comes after Amazon completed a $4 billion investment into the company. For the uninitiated, Anthropic is the organization behind the AI chatbot Claude.

The investigation will decide whether the aforementioned $4 billion investment qualifies as a merger under current regulations set forth by the country’s Competition and Markets Authority (CMA.) If it’s officially considered a merger, the investigation will then look into whether or not it will harm competition in the country. The investigators have 40 working days to come to a decision.

Amazon has previously stated the investment does not give it a majority stake in Anthropic, according to a report by TechCrunch. The company also told Financial Times that the investment “does not raise any competition concerns or meet the CMA’s own threshold for review.” Anthropic has also dismissed the notion that the investment indicates a merger of any kind.

“We are an independent company,” a spokesperson said in a statement. “Amazon does not have a seat on Anthropic’s board, nor does it have any board observer rights. We intend to cooperate with the CMA and provide them with a comprehensive understanding of Amazon’s investment and our commercial collaboration.”

The investigation is a small piece of a larger puzzle in which UK regulators look to curb “quasi-mergers.” This is when larger companies exert outsized influence over startups via strategic investments or by scooping up talent. This would, in theory, give the older company all of the benefits of a merger but without the regulatory scrutiny that would accompany an official acquisition.

To that end, the CMA is also preparing to launch an investigation into Google and its own massive investments into Anthropic. The company reportedly made two large investments, one for $300 million and another for $2 billion. Anthropic has raised $10 billion since its inception back in 2021, so Google and Amazon account for over half of that amount.

The regulatory agency is carrying out a related inquiry into Microsoft’s close partnership with OpenAI, which could represent a quasi-merger. It’s also looking into Microsoft hiring the core team behind Inflection AI, a rival to OpenAI. Last month, the CMA said it would be extending that last one into a full probe.

This article originally appeared on Engadget at https://www.engadget.com/ai/uk-opens-antitrust-investigation-into-amazon-over-its-ties-to-ai-startup-anthropic-153026609.html?src=rss