A surge in high-value mergers and acquisitions has triggered a bidding war for Warner Bros Discovery and forced bankers, lawyers, and advisers to work through the holiday season, highlighting one of the hottest dealmaking periods in recent years.
According to data from Dealogic, $463.6 billion worth of mergers and acquisitions have been announced this month, marking a 30% increase compared to the same period last year. Major transactions include IBM’s $11 billion acquisition of Confluent, Trump Media Technology Group’s $6 billion merger with TAE Technologies, and an intense bidding contest involving Paramount, Skydance, and Netflix for Warner Bros Discovery.
The aggressive deal environment has left advisers across global financial hubs — from Wall Street to London’s Canary Wharf — prioritising negotiations over holiday breaks. Legal and financial teams are racing to finalise deals before year-end, with several firms expecting announcements even during Christmas week.
Charles Ruck, partner at Latham & Watkins and adviser to Paramount, said the current environment represents a rare opportunity. “These moments don’t last forever,” he noted, adding that teams remain on standby regardless of location.
The bidding war for Warner Bros Discovery has intensified after Paramount revised its $108.4 billion hostile offer, backed by RedBird Capital Partners, extending the deadline to January 21. RedBird founder Gerry Cardinale confirmed that his team would continue working through the holidays to communicate the merits of the offer to shareholders.
Investment banks report exceptional activity levels. Citigroup described November as its busiest in years, while Morgan Stanley executives said deal momentum is broad-based across industries. Private equity firms have also remained active, including a $8.4 billion acquisition of Clearwater Analytics Holdings led by Permira and Warburg Pincus.
Globally, M&A activity has exceeded $4.8 trillion this year, making it the second-strongest year on record after 2021. The resurgence follows a slowdown earlier in the year caused by trade tensions and geopolitical uncertainty.
Looking ahead, advisers expect dealmaking momentum to continue into 2026. Several firms report strong pipelines for the first half of next year, with corporate boards showing a renewed willingness to pursue strategic acquisitions amid reduced antitrust pressure.
As one senior banker put it, the mindset has shifted from finding reasons to delay deals to finding reasons to move forward — even if it means sacrificing holiday downtime.
