deals

Angels among MLB teams that have ended their FanDuel Network deals

Nine Major League Baseball teams have terminated their deals with the FanDuel Sports Network to carry their local broadcasts, and Commissioner Rob Manfred said MLB is prepared to produce and distribute the telecasts.

Main Street Sports Group, which operates the FanDuel networks, did not make its December payment to the St. Louis Cardinals. It also carries games of Atlanta, Cincinnati, Detroit, Kansas City, the Angels, Miami, Milwaukee and Tampa Bay, along with 13 teams in the NBA and seven in the NHL.

The termination by the MLB teams was confirmed to The Associated Press by a person who spoke on condition of anonymity because the decisions had not been announced.

“No matter what happens, whether it’s Main Street, a third party or MLB media, fans are going to have the games,” Manfred said Thursday.

Teams that terminated their contracts could reach new deals with Main Street, which did not immediately respond to a request for comment.

MLB took over broadcasts for San Diego in May 2023 after Diamond Sports Group missed a payment to the Padres and added Arizona that July.

Colorado joined MLB’s distribution in 2024, and Cleveland and Minnesota in 2025. Seattle is being added this season and possibly Washington, which is leaving the Mid-Atlantic Sports Network.

Diamond was renamed Main Street Sports Group as it emerged from Chapter 11 bankruptcy proceedings last year and its networks were rebranded as FanDuel.

“Our focus, particularly given the point in the calendar, is to maximize the revenue that’s available to the clubs, whether that’s MLB Media or third party,” Manfred said. “The clubs have control over the timing. They can make a decision to move to MLB Media because of the contractual status now. I think that what’s happening right now clubs are evaluating their alternatives. Obviously they’ve made significant payroll commitments already and they’re evaluating the alternatives to find the best revenue source for the year and the best outlet in terms of providing quality broadcasts to their fans.”

Manfred said local media provides more than 20% of industry revenue.

MLB and the players’ association for 2024 allowed discretionary fund distributions of up to $15 million each to teams whose local media revenue had declined since 2022 or 2023, but they did not reach a similar agreement for 2025.

“We are not providing financial assistance right now,” Manfred said.

Manfred spoke at a news conference to announce an initiative that includes Foster Love and envisions 250,000 volunteer hours to mark the 250th anniversary of the United States. At the news conference, MLB staff assembled duffel bags with goods for foster care children.

Blum writes for the Associated Press.

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Six of the best staycation deals across the UK from Cotswolds cottages to lakefront lodges

GOT the January blues? That’s nothing a cosy cottage can’t fix.

And if you book right now, you can bag a top bargain, as UK holiday sites are slashing their prices for not just January, but the rest of the year too.

The grass near Florence Springs Lakeside Lodges attracts wildlifeCredit: Supplied

Here, Sophie Swietochowski shares her best deals for staycation rentals, from country homes close to pubs with roaring fireplaces to timber-beamed properties with rural walks right on your doorstep.

FLORENCE SPRINGS LAKESIDE LODGES, Tenby

HOSEASONS currently has up to 30 per cent off on more than 50,000 breaks, including dates in the summer.

Those on a budget will be spoilt for choice, with more than 130,000 properties available for under £250 per break.

Florence Springs Lakeside Lodges even has three friendly alpacasCredit: Supplied

Each of the sleek lodges comes with a modern kitchen/living room complete with fireplace and overlooks a grand lake, bordered by reeds that attract wildlife.

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TEMPTED?

Tiny ‘Bali of Europe’ town with stunning beaches, €3 cocktails and £20 flights

The site even has three friendly alpacas.

Private verandas are kitted out with hot tubs – perfect for cosy nights in.

GO: A seven-night self-catered stay, sleeping up to four guests, is £399, down from £509.

See hoseasons.co.uk.

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WEAVER’S COTTAGE Yorkshire Dales

AVID ramblers should look no further than Weaver’s Cottage, a small but charming holiday home right on the edge of the Yorkshire Dales.

Right now, you can bag 30 per cent off all stays booked before February 2, with up to £300 off the total on cottages.com.

The cute and cosy Weaver’s Cottage in YorkshireCredit: supplied image

Split across three levels and with a cosy log burner, the two-bedroom property is ideal for hunkering down during winter, while the enclosed garden’s furniture is perfect for soaking up the sun in summer.

On top of scenic walking trails, there’s horse riding and great fishing sites nearby.

GO: Seven nights’ self-catering is from £465, reduced from £705, sleeping up to four.

See cottages.com.

BARLEY COTTAGE Axminster, Devon

LOOKING to whizz off straight away?

Sykes Cottages has some corking deals for January, with almost £500 off some properties.

The  three double bedrooms in Barley CottageCredit: Supplied

The South West is gorgeous at this time of year, with fewer crowds and more space to roam.

Check into the six-person Barley Cottage in Axminster, a 15-minute drive from the coast.

The home features three snug bedrooms and an outdoor barbecue hut with a firepit that will keep you toasty throughout the winter nights.

If you don’t fancy cooking, there are several pubs just over a mile away, including the Castle Inn, which has weekly deals such as a burger, chips and a drink for a tenner or curry night which will set you back £12.99.

GO: Seven nights’ self-catering is from £824, reduced from £909, for arrival on January 16.

See sykescottages.co.uk.

ROBIN COTTAGE Bourton-on-the-water, Cotswolds

FEWER UK spots say cosy staycation quite like the Cotswolds.

Luckily for you, Cotswold Cottages is slashing the price of all 2026 stays by 20 per cent, with dates available in the school holidays too.

The exposed bricks in Robin CottageCredit: Supplied

Just make sure you book by January 31.

Robin Cottage is tucked away in the rural village of Bourton-on-the-Water, which straddles the River Windrush.

It has exposed brick walls, an open fire and great views of the water.

It’s well suited to couples, with just one bedroom, and the delights of the village are all within walking distance, including the Cotswolds Motoring Museum, where you can delve into the history of 20th-century vehicles.

GO: Three nights’ self-catering is from £442.55, down from £590.

See boundless.co.uk.

ASHLEA POOL LODGES Craven Arms, Shropshire

FOR those wanting to reconnect with nature, Ashlea Pool Lodges has it all.

Buried in the rolling hills of Shropshire, this Hoseasons site has lodges overlooking a tranquil lake, thick woodland for roaming and wildlife in every direction you turn.

Ashlea Pool Lodges is next to a lakeCredit: Supplied

The activities are abundant, too, with walking trails, cycling routes and fishing spots all nearby.

The holiday park is included in Hoseasons 30-per-cent-off deal, so you can bag yourself a decent price as long as you book before February 2.

Each of the lodges blends seamlessly with its surroundings, thanks to wooden panelling on the walls and floor-to-ceiling windows looking out over leafy trees.

There’s an onsite cafe selling homemade scones, tempting cakes and creamy milkshakes, as well as a pizzeria.

GO: Seven nights’ self-catering in a six-person lodge is from £399, down from £499.

See hoseasons.co.uk.

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Five of the best January cruise deals

LOOKING to save on holidays on the high seas?

Cruise companies are going all out to get you booking, with their January Wave campaigns offering discounts and upgrades.

A large cruise ship with a blue hull sailing across blue ocean water under a light blue sky.
You can save £300 when you book with MarellaCredit: Unknown
Sunrise drone photo of the Blue Mosque, showing its domes and minarets, with the sea and many ships in the background.
Or save cash when you visit Istanbul on a Celebrity cruiseCredit: SW Photography

Lisa Minot looks at the savings to be made if you book in New Year sales . . . 

MARELLA

There are savings of up to £300 per booking on select departures between April 1, 2026 and April 30, 2027.

Deals are on sailings of seven nights or more to over 100 destinations including the Caribbean and Canaries.

An 11-night Captivating Coasts repositioning cruise from Las Palmas, Gran Canaria, on Marella Explorer will sail from the Canaries on April 26, 2027, to include calls in Tenerife, Lanzarote, Morocco, Malaga, Menorca, Sicily and Corfu.

SEA SECRET

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CRUISE CONTROL

Dream trip of Miami Open and then luxury Caribbean cruise from £2,399pp

Prices from £1,941pp all-inclusive cover flights from Gatwick, 20kg luggage and transfers. See tui.co.uk/cruise/deals.

P&O

This very British cruise line now has all-inclusive packages for the first time on trips of five nights or more.

Departures are from March 2026 and include all drinks, wifi and speciality dining credit.

A Classic package is from £49pp per day and the Deluxe is from £59pp, with a wider range of spirits, ultimate wifi and up to £80 dining credit.

Deals include a seven-night all-inclusive Canary Islands and Madeira fly-cruise on P&O Azura from £972pp, including drinks, wifi, speciality dining credit, flights and transfers, departing March 6. See pocruises.com.

MSC

The company has reduced the price of drinks packages on select sailings to just £196pp (previously £250) so you can enjoy beers, wines and cocktails from just £28 per day on seven-night cruises.

Other incentives in their Wave campaign include fly-cruise packages to the Mediterranean with flights from just £99 or low £100 deposits to secure the cruise of your choice.

Deals include setting sail from Southampton on MSC Virtuosa on October 31 for a seven-night voyage that calls at Brest, Lisbon, Vigo and Cherbourg. From £494pp.

To book, see msccruises.co.uk.

PRINCESS

There are savings of up to £800 per Stateroom and low deposits of £99 in the cruise line’s Value Is Princess VIP sale.

Book before March 2 and save up to £75pp on sailings from six to eight nights; £150pp on sailings from nine to 16 nights and up to £200 on cruises of more than 17 nights.

The promotion includes all 17 ships in the fleet, including the latest addition, Star Princess, with fares on the new ship on seven-night Western Caribbean cruises from £494pp.

And sister ship Sun Princess is also included, with seven night sailings from Barcelona from £774pp. See princess.com/en-uk.

CELEBRITY

Save up to 60 per cent on the second guest, with £500 in savings or $600 on-board spend.

On European sailings from May 1 next year, guests can upgrade to Celebrity’s All Included package, which combines the classic drinks package with wifi from only £50pp, per day.

In 2026, the premium cruise line will offer even more ways to explore Europe with three Edge-class ships, the latest Xcel, Ascent and Apex sailing to more than 100 European destinations with 59 overnight stays, including Madeira and Istanbul.

See celebritycruises.co.uk.

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Great British Rail Sale 2026 launches with up to 50% off train tickets and deals from £10

The Great British Rail Sale is returning for the fourth year, offering millions of discounted tickets with savings of up to 50% and more on popular routes across the UK

A massive sale for rail travel is set to launch this month, offering up to 50% off on thousands of popular routes from nearly every train operator.

The Great British Rail Sale is back to make train journeys more affordable, boasting millions of discounted tickets. The week-long sale, taking place from 6 to 12 January 2026, presents an opportunity to secure bargain fares with over 50% savings on advance and off-peak tickets.

These reduced fares are valid for travel on thousands of routes from 13 January to 25 March 2026. With almost all train operators joining in and routes covering the length and breadth of the UK, it’s the perfect time to book, whether you’re planning a city getaway, commuting, or looking for half-term activities.

Some of the deals include £10 trips from South Coast destinations, such as Portsmouth to London Waterloo, offering a whopping 59% saving. Travellers hopping on the train from Exeter to London Waterloo can also enjoy a staggering 76% discount with tickets slashed from £41.70 to just £10.

In other deals, a 50% reduction will be available on the London Marylebone to Birmingham Moor Street route, with tickets going for a mere £7. Passengers can also benefit from the discounted journey from Manchester Piccadilly to Manchester Airport, which will be priced at just £1.20, down from £2.90, reports the Express.

Transport Secretary, Heidi Alexander, said: “The Rail Sale is back – and it means further discounts for passengers as we freeze rail fares for the first time in 3 decades to help ease the cost of living. We all want to see cheaper rail travel, so whether you’re planning a half-term getaway, or visiting friends or family, this sale offers huge reductions. It’s all part of our plans to build a railway owned by the public, that works for the public.”

This marks the fourth year of the Great British Rail Sale, with travellers saving approximately £8 per trip last year, leading to more than one million tickets being snapped up. The government is understood to be determined to increase the number of people using trains in an effort to reduce carbon emissions and clear road space for emergency vehicles and freight.

Jacqueline Starr, executive chairperson and CEO of Rail Delivery Group, said: “The Rail Sale gives people even more reasons to choose rail, whether it’s reconnecting with loved ones or exploring new places. Rail continues to play a vital role in the lives of millions, supporting local economies and offering a more sustainable way to travel.

“This year’s Rail Sale will offer millions of discounted advance fares across the network from 6 January, giving customers the chance to save on journeys big and small. By making rail travel more accessible, we hope even more people will enjoy the convenience and comfort of travelling by rail.”

Key discounts

Do you have a travel story to share? Email webtravel@reachplc.com

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UK curbs DRC visas, announces migrant return deals with Angola, Namibia | Migration News

The United Kingdom has imposed visa restrictions on the Democratic Republic of the Congo, accusing its government of failing to cooperate with its new policy on the return of undocumented migrants and those who commit criminal offences.

The UK Home Office announced the measures in a statement late on Saturday. It also said that Angola and Namibia have agreed to step up efforts to take back their citizens.

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The agreements mark the first major change under sweeping reforms unveiled by Secretary of State for the Home Department Shabana Mahmood last month to make refugee status temporary and speed up the deportation of those who arrive without documents in the UK.

There was no immediate comment from the DRC, Angola or Namibia.

The Home Office said the DRC failed to meet the UK’s requirements for cooperation and has now been stripped of fast-track visa services and preferential treatment for VIPs and decision makers.

Mahmood said the UK could escalate measures to a complete halt of visas for the DRC unless cooperation rapidly improves.

“We expect countries to play by the rules. If one of their citizens has no right to be here, they must take them back,” she said.

“I thank Angola and Namibia and welcome their co-operation. Now is the time for the Democratic Republic of Congo to do the right thing. Take your citizens back or lose the privilege of entering our country.

“This is just the start of the measures I am taking to secure our border and ramp up the removal of those with no right to be here,” she added.

Prime Minister Keir Streamer’s centre-left government unveiled sweeping changes to the UK’s asylum system last month, including drastically cutting protections for refugees and their children, as part of a bid to stem the arrivals of irregular migrants that have fuelled rising anger on the far-right.

More than 39,000 people, many fleeing conflict, have arrived in the UK on small boats this year, more than for the whole of 2024 but lower than the record set in 2022, when the Conservatives were in power.

Mahmood told lawmakers that the reforms, modelled on Denmark’s strict asylum system, would discourage refugees and asylum seekers from crossing the English Channel from France on small boats.

She described the current system as “out of control and unfair”, adding that it was an “uncomfortable truth” that the government must face.

Under the reforms, refugee status will become temporary and will be reviewed every 30 months. Refugees will be forced to return to their home countries once those are deemed safe.

They will also need to wait for 20 years, instead of the current five, before they can apply for permanent residency.

The government has also said it will legislate to make it harder for irregular migrants and foreign criminals to use the European Convention on Human Rights (ECHR) to stop deportation.

Since July last year, the UK has “removed more than 50,000 people with no right to remain”, a 23 percent increase on the previous period, and instructed diplomats to make returns a top priority, Secretary of State for Foreign and Commonwealth Affairs Yvette Cooper said.

The policy has been facing criticism, however, with Mark Davies, a former adviser to the Foreign Office, calling it “shameful” and a departure from “Britain’s historic commitment to support refugees”.

Former Labour leader Jeremy Corbyn also described the policy as “draconian”, adding that it tries to “appease the most ghastly, racist right-wing forces all across Europe”, while undermining the UN Convention on Human Rights.

Enver Solomon, chief executive of the Refugee Council, urged the government to reconsider, warning the plans “will not deter” crossings, and that refugees who work hard should be able to build “secure, settled lives”.

Official figures cited by the AFP news agency showed that asylum claims in the UK are at a record high, with about 111,000 applications made in the year to June 2025.

But the number of initial positive decisions the UK authorities granted fell from 2023 to 2024.

Most asylum seekers and refugees arrive in the UK legally. Net migration reached a record high of 906,000 in the year to June 2023, before it fell to 431,000 in 2024, partly reflecting the tighter rules.

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U.S. signs new health deals with 9 African countries that mirror Trump’s priorities

The U.S. government has signed health deals with at least nine African countries, part of its new approach to global health funding, with agreements that reflect the Trump administration’s interests and priorities and are geared toward providing less aid and more mutual benefits.

The agreements signed so far, with Kenya, Nigeria and Rwanda among others, are the first under the new global health framework, which makes aid dependent on negotiations between the recipient country and the U.S.

Some of the countries that have signed deals either have been hit by U.S. aid cuts or have separate agreements with the Trump administration to accept and host third-country deportees, although officials have denied any linkage.

The Trump administration says the new “America First” global health funding agreements are meant to increase self-sufficiency and eliminate what it says are ideology and waste from international assistance. The deals replace a patchwork of previous health agreements under the now-dismantled U.S. Agency for International Development.

U.S. aid cuts have crippled health systems across the developing world, including in Africa, where many countries relied on the funding for crucial programs, including those responding to outbreaks of disease.

The new approach to global health aligns with President Trump’s pattern of dealing with other nations transactionally, using direct talks with foreign governments to promote his agenda abroad. It builds on his sharp turn from traditional U.S. foreign assistance, which supporters say furthered American interests by stabilizing other countries and economies and building alliances.

A different strategy

The deals mark a sharp departure from how the U.S. has provided healthcare funding over the years and mirrors the Trump administration’s interests.

South Africa, which has lost most of its U.S. funding — including $400 million in annual support — due in part to its disputes with the U.S., has not signed a health deal, despite having one of the world’s highest HIV prevalence rates.

Nigeria, Africa’s most populous country, reached a deal but with an emphasis on Christian-based health facilities, although it has a slight majority Muslim population. Rwanda and Uganda, which each have deportation deals with the U.S., have announced health pacts.

Cameroon, Eswatini, Lesotho, Liberia and Mozambique also are among those that have signed health deals with the U.S.

According to the Center for Global Development, a Washington think tank, the deals “combine U.S. funding reductions, ambitious co-financing expectations, and a shift toward direct government-to-government assistance.”

The deals represent a reduction in total U.S. health spending for each country, the center said, with annual U.S. financial support down 49% compared with 2024.

A faith-based deal in Nigeria, a lifeline for several others

Under its deal, Nigeria, a major beneficiary of USAID funds, would get support that has a “strong emphasis” on Christian faith-based healthcare providers.

The U.S. provided approximately $2.3 billion in health assistance to Nigeria between 2021 and 2025, mostly through USAID, official data shows. The new five-year agreement will see U.S. support at over $2 billion, while Nigeria is expected to raise $2.9 billion to boost its healthcare programs.

The agreement “was negotiated in connection with reforms the Nigerian government has made to prioritize protecting Christian populations from violence and includes significant dedicated funding to support Christian healthcare facilities,” the State Department said in a statement.

The department said “the president and secretary of State retain the right to pause or terminate any programs which do not align with the national interest,” urging Nigeria to ensure “that it combats extremist religious violence against vulnerable Christian populations.”

For several other countries, the new deals could be a lifeline after U.S. aid cuts crippled their healthcare systems and left them racing to fill the gaps.

Under its deal, Mozambique will get U.S. support of over $1.8 billion for HIV and malaria programs. Lesotho, one of the poorest countries in the world, clinched a deal worth over $232 million.

In the tiny kingdom of Eswatini, the U.S. committed to provide up to $205 million to support public health data systems, disease surveillance and outbreak response, while the country agreed to increase domestic health expenditures by $37 million.

No deal for South Africa after disputes

South Africa is noticeably absent from the list of signatories following tensions with the Trump administration.

Trump has said he will cut all financial assistance to South Africa over his widely rejected claims that it is violently persecuting its Afrikaner white minority.

The dismantling of USAID resulted in the loss of over $436 million in yearly financing for HIV treatment and prevention in South Africa, putting the program and thousands of jobs in the healthcare industry at risk.

Health compacts with countries that signed deportation deals

At least four of the countries that have reached deals previously agreed to receive third-country deportees from the U.S., a controversial immigration policy that has been a trademark of the Trump administration.

The State Department has denied any linkage between the healthcare compacts and agreements regarding accepting third-country asylum seekers or third-country deportees from the United States. However, officials have said that political considerations unrelated to health issues may be part of the negotiations.

Rwanda, one of the countries with a deportation deal with the U.S., signed a $228-million health pact requiring the U.S. to support it with $158 million.

Uganda, another such country, signed a health deal worth nearly $2.3 billion in which the U.S. will provide up to $1.7 billion. Eswatini also has started receiving flights with deported prisoners from the United States.

Magome and Gumede write for the Associated Press. AP writers Evelyne Musambi in Nairobi, Kenya; Dyepkazah Shibayan in Abuja, Nigeria; Mark Banchereau in Dakar, Senegal; and Matthew Lee in Washington contributed to this report.

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New deals on TUI package holidays for 2026

Aerial view of a beach in Mexico, with many boats on the water and people on the sand, surrounded by lush green hills.

SNAP up next year’s holiday for less.

Do you spend the long, cold winter nights dreaming about your next holiday? Say yes to summer – and yes to big savings – by bagging up to £500 off a TUI booking with its latest deal.

Las Teresitas beach is walking distance from Santa Cruz, capital of Tenerife

There are options to buy now, pay later with low or no deposit – and grab free kids’ places. So where do you fancy going?

Greek gifts

You can always depend on the Greek islands. Corfu is a lush picture of cypress trees, olive groves and sun-bleached towns.

Make sure to fit in a trip to Paradise Beach, so isolated it can only be reached by boat.

Alternatively, Rhodes has a breathtaking mix of dazzling beaches and ancient ruins.

Take the ferry to the tiny island of Symi, which has a beautiful harbour and a striking 15th-century monastery on the waterfront.

Spain’s Balearic Islands – Mallorca, Menorca, Ibiza and Formentera – never fail to please. 

Cala Galdana – a cosy, colourful resort set in a lovely cove in southern Menorca – has lots to keep the family entertained.

And of course Ibiza’s non-stop party scene, bohemian vibes and gorgeous sand are rightly legendary.

Choose a cruise

Or save up to £300 off per booking* on a more sedate river cruise. TUI River Cruises runs tours on the Nile in Egypt plus the Rhine, the Danube and the Moselle in Europe with a brand new ship to be launched on Portugal’s beautiful River Douro in Summer 2027.

Corfu is in the Ionian Sea, known for its turquoise waters

Long haul or short?

The new year is the perfect time to think about treating yourself to a holiday.

Tempted by some sunshine? Florida enjoys average temperatures of 25C – so hit the beach, tour Miami and visit Orlando’s theme parks.

Or soak up the sun in Mexico, explore Mayan ruins, laze on powder-sand beaches and stay in an incredible seafront hotel.

The Canaries are always a hit, winter or summer, with Tenerife and Gran Canaria as ever-reliable choices.

Agaete – in the north of Gran Canaria – has some great beaches and natural pools, plus a quaint old town with a walled botanical garden.

The Caribbean shores of Riviera Maya on Mexico’s Yucatan Peninsula

How to shop the deals

With a myTUI account you can save up to £500* per booking on a TUI package holiday using code SALE. 

You must be logged into a myTUI account to be able to apply any discounts. 

Once you’re set up, having your details stored online allows you to book a break swiftly before it disappears.

And if you already have dates and destinations in mind, that helps to narrow your search for the best deals.

Sign up for weekly emails and you’ll receive any discounts direct to your inbox.

The world is your oyster – so say yes to bargains, yes to paying later and, above all, yes to summer.


Find a holiday deal at tui.co.uk

TUI package holiday T&Cs

*Save 10 per cent per booking, up to a maximum discount of £500, with code SALE. Save 10 per cent per booking on TUI package holidays up to a maximum discount of £500. The discount does not apply to infants under two but the discount can still be applied to the rest of the booking. Offer excludes city destinations operated on third party flights apart from Dubai, Abu Dhabi, Muscat and Doha. Discount is valid on holidays departing between May 1, 2026 and October 31, 2027. Minimum spend is £500. Room upgrades and flight extras on TUI flying will count towards your minimum spend. However, other extras such as insurance and TUI Care Foundation donations do not count towards your minimum spend. Offer is valid from Friday December 19, 2025 when logged into a myTUI account. Offer does not apply to accommodation only, flight only, Cruise and Ski bookings. Offer is valid for new bookings only when logged into a myTUI account and can only be redeemed once per booking. Enter code SALE in upper case when on the holiday payment page of our website. See http://www.tui.co.uk or the relevant brochure for booking terms and conditions. Offer is subject to availability and may be amended or withdrawn at any time without notice. This promotional code is non-transferable and not valid in conjunction with any other discount code.

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Mega Deals Drive Near Record M&A Year as Companies Chase Scale

Dealmakers in 2025 enjoyed a near-record year for mergers and acquisitions, despite a turbulent spring that threatened hopes of a broader revival. So far this year, there were 70 global deals valued at more than $10 billion each, 22 of them in the fourth quarter, according to Dealogic. Total deal value has surpassed $4.8 trillion, up 41% from 2024, though the number of deals fell 6% to 38,395, marking the second-largest year ever behind 2021.

The spike in mega deals reflects a growing focus on scale. “M&A today is all about the mega deals, the race for scale,” said Anu Aiyengar, JPMorgan’s global head of advisory and M&A. There were at least four deals above $50 billion, with two notable bids for Warner Bros. Discovery totaling over $80 billion and Paramount Skydance’s $108 billion hostile offer.

Drivers of Late-Year Rally

A more permissive regulatory environment in the U.S., coupled with a calmer macroeconomic outlook, is encouraging companies to pursue transformative deals. With antitrust scrutiny easing under the Trump administration, boards and executives are seizing opportunities for strategic acquisitions, according to Frank Aquila, partner at Sullivan & Cromwell.

Dealmakers also say valuations are rising, prompting companies to pay higher multiples while expecting their own stocks to maintain relative strength. “Valuations have been bid up and we’ve seen clients be more aggressive in terms of multiples,” said Lazard’s Mark McMaster.

Technology and AI Influence

Technology deals, particularly those tied to artificial intelligence, have played a prominent role. OpenAI raised $40 billion in funding led by SoftBank, and Aligned Data Centers was acquired for $40 billion. Morgan Stanley’s John Collins said companies are pursuing scale to invest in AI-driven changes, both in tech and across other industries.

Cross-border M&A activity surged in 2025, reaching $1.24 trillion, the highest since 2021. U.S. and UK companies were the most targeted, while U.S., France, and Japan were the most acquisitive. Multinational companies, particularly from Europe and Japan, are investing in the U.S. to capitalize on the world’s largest market. China and Japan are also seeing strong outbound activity, with Japanese deal values boosted by high-profile transactions like OpenAI and Toyota Industries.

Corporate divestitures are rising, up 30% in volume from last year, exemplified by Holcim’s $30 billion spin-off of its North American business, Amrize. Private equity is also regaining momentum, with global buyouts reaching $1.1 trillion, a 51% increase from 2024.

Outlook for 2026

Dealmakers expect the M&A rally to continue into 2026, with $50 billion–$70 billion deals already in the pipeline and a $100 billion tech transaction not ruled out. Analysts see a multi-year run of high-value deals, fueled by scale-seeking corporations, AI-related opportunities, cross-border expansion, and corporate restructuring. While caution remains in politically uncertain markets like the UK, the global appetite for transformative deals appears set to drive another strong year for mergers and acquisitions.

With information from Reuters.

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