Advertisement

Warner Bros bidding war and red hot M&A market has dealmakers working through holidays
Business

Advertisement

A flurry of multi-billion-dollar deals has bankers and advisers from Wall Street to Canary Wharf packing laptops next to presents and warning family and friends their holiday vacations over the next two weeks will be cut short.

There have been $463.6 billion in mergers and acquisitions announced this month, 30% more than last year, including Trump Media Technology Group's $6 billion merger with nuclear fusion firm TAE Technologies, IBM's $11 billion purchase of data infrastructure company Confluent and a bidding war between Paramount Skydance and Netflix for Warner Bros Discovery, according to data compiled by Dealogic.

“This is the hunt and the finish, and we all enjoy it," said Charles Ruck, a partner at Latham Watkins, which is advising Paramount on its bid for Warner Bros. "I'm not telling anybody not to travel. I'm telling them, wherever you are, I might need some of your time." Just this weekend, a group of private equity firms led by Permira and Warburg Pincus inked a deal to buy investment and accounting software maker Clearwater Analytics Holdings for about $8.4 billion, including debt. “It's busy, and it’s really broad-based … we're seeing a fair amount of activity across most of our industry sectors,” said John Collins, global head of MA at Morgan Stanley.

This holiday season is shaping up to be one of the most active in recent years, according to interviews with about a dozen bankers and legal advisers.

Investment bankers at Citigroup said last month was the busiest November in years. Dealmakers from New York to London and Hong Kong say they are trying to close numerous multi-billion-dollar deals before the ball drops in Times Square on New Year's Eve. As the C-suite gets more aggressive, several big companies are looking to hire advisers before the end of the year to tee up big deals in 2026. Two dealmakers in London and New York say they plan to work through the holidays, while some are optimistic that they will take off Christmas Day and, fingers crossed, Christmas Eve too. That may be more difficult for bankers, advisers and public relations professionals working on the Warner Bros deal. The bidding war keeps them close to their phones and laptops this holiday season, with some working through Christmas. On Monday, Paramount revised its $108.4 billion hostile bid, which is being jointly financed by RedBird Capital Partners, with an extended deadline of January 21.

"We're going to be working through the holidays and into the first week of January to communicate the merits of our offer to shareholders," RedBird founder and Chief Investment Officer Gerry Cardinale said on CNBC on Monday.

That is far from the only deal in town. Latham's Ruck, who declined to discuss the Warner Bros talks, told Reuters last week the firm expected to announce at least four more deals in the next two weeks.

“Our team understands it without me saying it," he said. "They recognize that this is a magic moment, that these magic moments don't last forever, that we are on front-page, cutting-edge deals.”

This has turned out to be an extraordinary year for dealmakers after a trade war kicked off by U.S. President Donald Trump derailed activity in the second quarter. Globally, MA activity surpassed $4.8 trillion as of last week, making it the second-best year on record after 2021, when near-zero interest rates and COVID stimulus drove MA to over $6 trillion.

Deals pipeline strong for early 2026

At Sullivan Cromwell, partner Frank Aquila plans to work through the holidays. The pipeline is "very strong" for the first half of next year, which he said could rival 2021.

“This will very much be a working holiday,” he said in an interview.

Guillermo Baygual, global co-head of MA at Citigroup, said his team is "extremely busy. There's a lot happening, both in the corporate and in the sponsor world."

A lot of corporate clients are hiring advisers for "significant transactions across sectors," he said.

Added Collins: “We went through a couple years where it just felt like management teams and boards were finding reasons to say no. We have seen a real shift in philosophy towards trying to find reasons to say yes.”

look Watch AD
Unlock More

Advertisement

Advertisement

line Recommend Recommend
Why Crypto Investing Feels Like Walking on Eggshells – And How to Survive It
Why Crypto Investing Feels Like Walking on Eggshells – And How to Survive It
Investing in cryptocurrency should be exciting, but for many of us, it's more like navigating a minefield blindfolded. No matter how much I learn, the process never feels simple or secure. After years of sticking to major exchanges, I finally dipped my toes into decentralized platforms—only to realize I was completely out of my depth. Every transaction leaves me second-guessing myself, acutely aware that one wrong move could mean irreversible losses with no customer service hotline to call. The
Steady Remittances from the UAE in Q1 2026 Amid Currency Fluctuations
Steady Remittances from the UAE in Q1 2026 Amid Currency Fluctuations
Remittances from the UAE have remained largely steady in the first quarter of 2026, with a slight increase to some countries due to favourable exchange rates, according to leading UAE currency exchange companies.
Premier League: Arsenal get title boost as Man City and Villa both drop points
Premier League: Arsenal get title boost as Man City and Villa both drop points
Arsenal's Premier League title prospects were enhanced without them even kicking a ball on Wednesday as their closest challengers Manchester City and Aston Villa both dropped points.Erling Haaland scored his 150th goal for City as he put them in front against Brighton and Hove Albion from the penalty spot but Kaoru Mitoma equalised for the visitors on the hour with the game finishing 1-1.It was the third successive draw for stuttering City who were held by Sunderland on New Year's Day and by Che
The Integration of Digital Learning in UAE Schools: A Lasting Change
The Integration of Digital Learning in UAE Schools: A Lasting Change
Buying Property in Dubai? Here’s How the UAE Property Visa Works
Buying Property in Dubai? Here’s How the UAE Property Visa Works
Asian Currencies Rally as Dollar Slumps Amid Fed Uncertainty
Asian Currencies Rally as Dollar Slumps Amid Fed Uncertainty
Asian currencies surged on Monday, with the Indian rupee leading gains, as the US dollar extended its decline following controversial remarks by former President Donald Trump about Federal Reserve leadership. The rupee climbed to an early high of 85.0525 (Dh23.1750) before settling at 85.1125 (Dh23.1914), marking a healthy 0.3% daily gain against the weakening greenback. Trading floors buzzed with speculation about potential Reserve Bank of India intervention, though market participants noted s
Surge in Demand for Hybrid and Electric Vehicles in the UAE Amid Rising Fuel Prices
Surge in Demand for Hybrid and Electric Vehicles in the UAE Amid Rising Fuel Prices
The Challenge of Transitioning from Fossil Fuels: Insights Post-COP28
The Challenge of Transitioning from Fossil Fuels: Insights Post-COP28
Suzuki Swift Production Halt Linked to China's Rare Earth Export Restrictions
Suzuki Swift Production Halt Linked to China's Rare Earth Export Restrictions
In a move highlighting the growing impact of global supply chain disruptions, Suzuki Motor has temporarily suspended production of its popular Swift subcompact due to China's tightening rare earth export policies. Industry insiders reveal this marks the first major Japanese automaker affected by Beijing's recent trade measures.
UAE Drivers Alert: Major Road Closures This Sunday - Plan Your Route Now!
UAE Drivers Alert: Major Road Closures This Sunday - Plan Your Route Now!
Attention all UAE motorists! The Roads and Transport Authority (RTA) has issued an important travel advisory for this Sunday, June 15, as essential maintenance works will temporarily disrupt traffic flow on two key highways. Commuters heading towards Sharjah and using Sheikh Mohammed bin Zayed Road should prepare for possible delays.
India Tightens Overseas Remittance Rules to Curb Passive Wealth Shifting
India Tightens Overseas Remittance Rules to Curb Passive Wealth Shifting
India's central bank is set to introduce stricter controls on foreign remittances by resident Indians, including a ban on holding fixed-term foreign currency deposits abroad, according to two government officials familiar with the matter. The Reserve Bank of India (RBI) will revise existing regulations to close loopholes that currently allow individuals to transfer money overseas for parking in time deposits or interest-bearing accounts, one official revealed. "This practice essentially enables
HIMA Group: Pioneering the Digital Revolution in Industrial Safety
HIMA Group: Pioneering the Digital Revolution in Industrial Safety
Explore how HIMA Group is transforming risk management through digital safety innovations that boost efficiency while protecting what matters most #SafetyInnovation
UAE Airlines Expand Global Connectivity Amid Ceasefire
UAE Airlines Expand Global Connectivity Amid Ceasefire
Legal Challenges for Property Buyers Seeking to Invoke Force Majeure in Dubai
Legal Challenges for Property Buyers Seeking to Invoke Force Majeure in Dubai
RAKBank Achieves Record Quarterly Profit in Q1 2026
RAKBank Achieves Record Quarterly Profit in Q1 2026
RAKBank announced on Monday its strongest quarterly performance ever in the first three months of 2026, reporting a profit after tax of Dh1 billion, a 43 percent increase year-on-year, driven by growth in its balance sheet, expanding margins, and a one-time gain from an asset sale.
Amazon Acquires Globalstar to Enhance Satellite Internet Network
Amazon Acquires Globalstar to Enhance Satellite Internet Network
Amazon announced on Tuesday that it has reached an agreement to purchase the US telecommunications satellite company Globalstar, aiming to expand its space-based internet infrastructure and compete with Elon Musk's Starlink.
BIS Calls for Global Cooperation on Stablecoin Regulation
BIS Calls for Global Cooperation on Stablecoin Regulation
New Year’s Eve 2026 in Dubai: The most extravagant, unique experiences to celebrate NYE
New Year’s Eve 2026 in Dubai: The most extravagant, unique experiences to celebrate NYE
When it comes to New Year’s Eve, Dubai doesn’t do subtle. From dining hundreds of metres above the city to ringing in 2026 with global superstars, Michelin-starred menus and fireworks reflected across the water, celebrations here are designed to be unforgettable. Whether you’re chasing skyline views, world-class entertainment or an intimate yet indulgent night out, these extravagant and one-of-a-kind New Year’s Eve experiences across Dubai and the UAE promise to start the year on a spectacular note.
The UAE's Advancements in the Global Space Sector in 2026
The UAE's Advancements in the Global Space Sector in 2026
Rent or buy? First-time buyers push UAE property market towards ownership
Rent or buy? First-time buyers push UAE property market towards ownership