What Were Watching in 2025

Andrew here.Happy New Year and happy Saturday.

This morning, we’re taking a look at what may — or may not — happen in 2025.This is not an effort to crystal-ball the future so much as it is a rundown of big topics that the DealBook team and I have on our radar screen in the new year.

On this list: Changes to deal-making in the new Trump era, the future (or end) of D.E.I.efforts, the growing momentum of workers returning to the office, the evolving relationship between China and the U.S., new investments in artificial intelligence, and yes, the role of Elon Musk in all of the above.

Let us know what you think.And we’ll revisit this list at the end of the year.Deals will flow.

Deal makers pretty much universally expect a flood of deals under President-elect Donald Trump after four years of pent-up activity under President Biden, whose antitrust enforcers challenged a record number of mergers.The more interesting question: Which kinds of companies will make those deals? More M.&A.

in the energy sector seems probable, given Trump’s support for the industry.Bank deals could also take off: After the regional banking crisis, Treasury Secretary Janet Yellen said the country could benefit from more mergers.

Deals may also pop up to address cybersecurity concerns, the impact of GLP-1 drugs and the fierce A.I race.Media companies will reshuffle.Media executives and their advisers have been saying for years that the industry needs a drastic overhaul to address its new reality: an overabundance of streaming options and the decline of the legacy cable industry.

Deals that were effectively considered a no-go under Biden’s aggressive antitrust enforcers may finally be given a green light under a Trump administration.Everyone is watching to see what a handful of key players do next: Will Comcast’s move to spin off its cable business inspire others, such as Warner Bros.Discovery, to do the same? Will Paramount use Larry Ellison’s deep pockets to acquire str...