For many media moguls, everything leading up to November 5 is just the warm-up. If a new Trump administration rolls in, a wave of major deals could follow, with expectations that the White House will be more open to big mergers and acquisitions. But even before Election Day, the industry has already been busy reshaping itself.

Paramount is on the verge of a massive sale. Theme park giants are teaming up to take on Disney and Universal. Power players like Gerry Cardinale and Jeff Zucker are consolidating production companies, and Lionsgate is diving into AI-driven content. Meanwhile, Netflix just landed WWE’s Raw in a game-changing deal, and the NBA secured multibillion-dollar media rights that will shape the league for the next decade.

Here’s a look at the major players behind these industry-shaking deals—and what they mean for the future of entertainment.

01: The Studio Merger of the Year

David Ellison (Skydance Media) 🤝 Shari Redstone (National Amusements)

Skydance Media is finalizing an $8 billion acquisition of Paramount, merging it with Redstone’s National Amusements. The deal unites Paramount’s vast entertainment empire—CBS, Paramount+, MTV, Showtime, and more—under one umbrella. Ropes & Gray attorney Emily Oldshue notes that Redstone was determined to secure a deal that benefited her family, the company, and its shareholders.

Once approved, the new entity will aim to dominate the entertainment landscape, especially in streaming. “Our goal is to make this company a leader in entertainment,” says incoming president Jeff Shell.

02: The Blockbuster Sports Rights Deal of the Year

Adam Silver (NBA) 🤝 Jimmy Pitaro (ESPN), Brian Roberts (Comcast), Mike Hopkins (Prime Video)

The NBA’s record-breaking 11-year, $76 billion deal with Disney, NBCUniversal, and Amazon is changing the game—literally. The league’s broadcasts will be spread across Prime Video, Peacock, and ESPN+, reshaping sports programming and streaming. “These were complex negotiations that required creative solutions,” says NBA’s Bill Koenig, emphasizing how these deals will revolutionize how fans watch live games.

03: The Massive Strikes That Were Averted

Lindsay Dougherty (Teamsters Local 399), Matthew Loeb (IATSE) 🤝 Carol Lombardini (AMPTP)

After a turbulent 2023 filled with strikes, industry negotiators reached key agreements with IATSE and Hollywood Basic Crafts, preventing further disruptions. The deals secured higher wages, better benefits, and limits on AI use. “Everybody was ready to get back to work,” says IATSE president Loeb. The agreements provide much-needed stability after a year of industry unrest.

04: Netflix’s Biggest Sports Bet Yet

Nick Khan (WWE), Mark Shapiro (TKO) 🤝 Bela Bajaria (Netflix), Ted Sarandos (Netflix)

Netflix has officially entered the live sports arena with a $5 billion, 10-year deal to stream WWE’s Raw. This is the streamer’s largest investment in live content, expanding WWE’s global reach while giving Netflix an exclusive sports-like offering. “This partnership will introduce Raw to a whole new audience worldwide,” says Netflix’s Brandon Riegg.

05: Walmart’s Surprise Streaming Play

Doug McMillon (Walmart) 🤝 William Wang (Vizio)

Walmart is making a bold move in streaming with its $2.3 billion acquisition of Vizio, aiming to challenge Roku, Samsung, and Apple TV in the connected TV ad space. With Amazon making its Prime Video ads the default, Walmart is betting that Vizio’s 18 million accounts will give it a competitive edge. “This deal gives Walmart a direct pipeline to millions of viewers,” says Walmart’s Seth Dallaire.

The Bigger Picture

These high-stakes deals are shaping the future of media, sports, and entertainment. Whether it’s Skydance reshaping Hollywood, the NBA betting big on streaming, or Walmart jumping into the ad-supported TV race, one thing is clear: the business of entertainment is evolving fast. And with more M&A deals on the horizon, the biggest headlines might still be ahead.