Fresh Deals Hitting the Market

Francisco Partners is testing the waters on a potential sale of MyHeritage, the genealogy and DNA-testing platform that helps people track down long-lost cousins they probably didn't know existed. The Israeli-founded company could fetch around $1 billion, according to Bloomberg News, with Jefferies handling the sale process.

Founded in 2003, MyHeritage operates a database of 58 million family trees, letting users trace shared ancestors and relatives. Francisco Partners acquired the company back in 2021 and hasn't committed to selling just yet. The private equity firm is also exploring a sale of BeyondTrust Software, so it's clearly in portfolio evaluation mode.

Deals Getting Done and Moving Forward

Trump Media & Technology Group Corp. (DJT) stock climbed Thursday after announcing a surprising pivot: the company is merging with TAE Technologies, Inc. in an all-stock deal valued north of $6 billion. Yes, that's fusion energy, not social media.

The combined entity will focus on energy development, which means Truth Social and other TMTG media properties are likely headed for either a sale or spinoff, according to Axios. As of September 30, Trump Media reported cash and equivalents of $166.072 million against long-term debt of $946.08 million, so this transaction represents a major strategic shift for the MAGA-affiliated media company.

Meanwhile, TikTok has finalized its American rescue plan. The video app signed an agreement to transfer its U.S. operations to a joint venture controlled by Oracle Corp (ORCL), Silver Lake, and MGX. Those three investors will collectively own 45% of the new entity, while existing ByteDance investors will hold nearly one-third. ByteDance itself retains just under 20%, with final ownership percentages to be disclosed at closing on January 22, 2026.

The transaction values TikTok's U.S. operations at approximately $14 billion. Oracle CEO Safra Catz and CTO Larry Ellison are both Trump donors, which probably didn't hurt the deal's political optics. How exactly this structure addresses national security concerns remains somewhat unclear, but at least TikTok has a path forward in the American market.

In entertainment news, Sony Group Corp (SONY) is taking majority control of Snoopy, Charlie Brown, and the entire Peanuts universe. The company is acquiring WildBrain's 41% stake in Peanuts Holdings LLC for approximately CA$630 million (roughly $457 million), pending regulatory approval.

Combined with its existing position, Sony Music Entertainment Japan and Sony Pictures Entertainment will own 80% of Peanuts Holdings, with the Schulz family retaining the remaining 20%. The deal converts Peanuts Holdings into a consolidated Sony subsidiary, with SMEJ taking the management lead alongside Sony Pictures.

WildBrain plans to use the proceeds to eliminate all its debt, but the partnership isn't ending. According to Variety, WildBrain will continue handling distribution, licensing, YouTube management, and production of new Peanuts content, including an animated feature for Apple TV.

Deals That Closed Without Selling Out

Abel Tesfaye, better known as The Weeknd, just closed a deal with Lyric Capital Group that's more partnership than sale. The joint venture covers his entire music catalog from inception through 2025, but he's not selling it outright.

Lyric invested in the catalog while Tesfaye's team maintains creative control, ownership stakes, and full rights to both publishing and masters. Future releases aren't included, and all existing label and publishing relationships stay intact.

Financial terms weren't disclosed, but industry reports suggest the assets are valued at $1 billion or more, which would make this one of the largest catalog-related deals ever structured for a single artist.

Advent International closed its $2.5 billion acquisition of insurance software company Sapiens International, marking the largest deal in what turned out to be a busy day for alternative asset investors.

Bankruptcy Watch

Conscious Content Media filed for Chapter 11 bankruptcy on December 17, reporting between $100 million and $500 million in both assets and liabilities, according to Bloomberg Law. The company, which operates play-based learning programs for children, is pursuing a pre-negotiated restructuring designed to eliminate about $106.5 million in funded debt while raising at least $20 million in fresh capital.

The filing follows liquidity pressures after a failed Series E fundraising round. The company secured $10 million in debtor-in-possession financing led by 212Media to fund operations during the bankruptcy process. Its Begin Learning brands including HOMER, codeSpark, and Little Passports will continue operating throughout the restructuring.

The Big Picture on M&A

Global M&A activity absolutely exploded in 2025, with announced deal value climbing 46% year over year to approximately $4.4 trillion, according to LSEG data tracked by the Wall Street Journal. That puts this year on track to be the second-strongest on record, trailing only 2021's $5.49 trillion bonanza.

The rebound happened everywhere. Japanese deal value more than doubled to $214 billion. Africa and the Middle East rose 65% to $119.3 billion. Asia-Pacific excluding Japan jumped 49% to $715 billion. Europe posted a 20% increase to $788.6 billion, while Latin America saw a more modest 14% rise to $88.3 billion.

Here's the interesting part: despite the surge in dollar volume, the number of deal announcements actually dropped 7% year to date. Translation: fewer deals are getting done, but the ones that close are writing much bigger checks.

The U.S. exemplifies this trend perfectly. American M&A deal value surged 54% to $2.23 trillion, while activity cooled considerably with roughly 11,300 transactions, representing a 14% decline from 2024. Dealmakers are clearly getting pickier, but when they find something they like, they're willing to pay up.