Deals

M&A Ends Second-Biggest Year Ever With Tech, Cross-Border Surge

AI and take-private transactions, deals for US targets mark big, volatile year

New Year’s fireworks in Turkey. (Photo by Muhammed Enes Yildirim/Anadolu Agency via Getty Images)Photographer: Anadolu/Anadolu

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By Michael Hytha

December 31, 2025 at 7:05 PM UTC

This article is for subscribers only.

Hi, it’s Mike Hytha in San Francisco with a quick accounting for what turned out to be one of the best years ever for M&A. Also today, Warner Bros. Discovery plans to tell Paramount “No” and Apollo reaches a deal to sell Coinstar.

Please note that we are running a slightly reduced schedule over the holidays, returning with our full daily briefings on Monday, Jan. 5. Until then, we wish you a Happy New Year.

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