It’s no exaggeration to say that 2025 was a landmark in the annals of showbiz dealmaking. The year saw several transactions that not only involved billions of dollars changing corporate hands but also transformed the entertainment landscape. There was also unprecedented drama. Skydance Media closed its $8.4 billion merger with Paramount in August, putting the 113-year-old studio in the hands of David Ellison, the scion of tech mega-billionaire Larry Ellison. Five months later, the resulting corporate entity, Paramount Skydance, made a hostile, $108 billion takeover bid for Warner Bros. Discovery, which had just agreed to a $82.7
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