The mega-mergers of 2022 attracted the eye of the FTC and CMA. In 2024, we are seeing a shift towards mid-market acquisitions. Large publishers are looking to acquire specific IP or technical talent rather than entire publishing arms.
Earn-outs and Retention
Deal structures have shifted from all-cash upfront to heavy earn-out components. Founders should be prepared for 3-5 year vesting periods attached to performance milestones of the studio post-acquisition.