The Scale of M&A Activity According to EY’s M&E report, deal volumes rose 8% to 105 transactions in 2025 from 97 in 2024 . However, total deal value declined 76% to INR 20,700 crore from INR 86,700 crore, largely due to the absence of large-ticket deals such as the Star-Viacom18 merger . Excluding that transaction, 2025 deal value reflected a 27% increase over the adjusted 2024 base, indicating underlying momentum .
Mid-sized transactions in the INR 100–500 crore range more than doubled year-on-year, signalling a build-up of scalable assets . Large deals above INR 500 crore were limited to six but accounted for 73% of the total value, underscoring continued concentration .
The Drive for Scale Bank of America Senior Research Analyst Jessica Reif Ehrlich describes the media sector as navigating a period of consolidation driven by the need to achieve the necessary scale amid the decline of linear television and the high costs of streaming . Legacy entertainment conglomerates are increasingly pressured to merge, seeking to combine libraries and infrastructure to compete effectively against capitalization-rich, tech-native platforms that operate with fundamentally different economic incentives .
Ultimately, scaled players will be the winners in the media ecosystem, while sub-scale companies will struggle to generate steady growth . Sub-scale streamers in particular are still struggling to turn a profit, impacted by lagging engagement and high churn . Ultimately, the industry will consolidate around 3–4 mass market streamers, with room for smaller, more niche services on the periphery .
M&A Targets and Drivers According to AlixPartners, private equity and growth investors are returning to the entertainment sector, focusing on enabling infrastructure that powers interaction-led growth, buy-and-build in creative tooling and monetization, and co-financing or partnerships in IP and distribution platforms . The resurgence is being driven by lower capital costs, reduced regulatory scrutiny, and the intense pressure to invest in transformative technology, particularly AI .
AlixPartners expects acquirers to prioritize transactions that offer AI capabilities around ad targeting, content automation, and workflow efficiency . IP licensing deals for AI can provide new revenue streams and establish a legal framework for copyright protection .
The Sony Peanuts Acquisition A notable recent transaction is Sony’s acquisition of an additional equity interest in Peanuts Holdings, the company that owns the Peanuts IP (Charlie Brown, Snoopy, and friends). On March 2, 2026, Sony indirectly acquired approximately 41% of the equity interest in Peanuts Holdings from WildBrain Ltd. for consideration of 70,652 million yen (617 million Canadian dollars) . As a result, Sony now indirectly owns an 80% equity interest in Peanuts Holdings .
Sony expects to leverage its expertise in the character business, together with Sony Group’s global network, to further expand its business initiatives utilizing the Peanuts IP . Sony recognized trademarks related to the Peanuts IP as intangible assets amounting to 115,799 million yen .
The EMEA Market In EMEA, a wave of collaboration between streamers and public broadcasters is reshaping the landscape. Partnerships such as Disney+ with ITV, Netflix with TF1, and Amazon with France TV are blending linear and digital ecosystems . These deals expand reach and diversify audiences—Disney+ gains older demographics, ITV gains younger ones, and French broadcasters gain access to large streaming bases .
The Future of Consolidation According to Elara Capital executive vice-president Karan Taurani, most deals are likely to be in the INR 500–1,000 crore range, while larger transactions are unlikely to exceed $500 million to $1 billion . “This is because much of the consolidation in traditional media has already taken place, and in digital space there is no scale as it is dominated by tech giants,” he said .
However, he noted that “there is a long tail in segments like linear TV, OTT and cinema exhibition which will start seeing consolidation” . The next phase of value creation will be driven by content, IP and platform consolidation, followed by gaming and sports, particularly in premium franchise ecosystems, as well as AI-first companies .
