Boutique Banks Shape 2025 Hollywood Deals: How Specialized Advisory Firms Win Big

The media and entertainment deal landscape of 2025 has come to be defined in large part by the Netflix-Warner Bros. Discovery deal, an $82.7-billion enterprise value transaction (equity value of $72.0B), which has become a bellwether for boutique bank involvement in complex M&A. [4][3] Moelis & Co., a boutique institution, acted as Netflix’s lead adviser in that acquisition, with Allen & Co., Evercore, and JPMorgan advising Warner Bros. Discovery. [4][5] Wells Fargo notably bridged significant debt financing ($59B, with $29.5B from its own balance sheet) and secured advisory credit—a signal that even traditional lenders are moving into boutique-style advisory roles when they can. [4][5]

Boutiques in other sectors and geographies have similarly outperformed expectations in H1 and Q3 2025. PJT Partners saw a 37 % increase in advisory fees in Q3 2025 (to $389.8M), with total revenue of $447.1M—both record highs. [2] Evercore’s Q3 revenue rose 41 % YoY, while Moelis’s rose 34 %. [2] These firms are being selected for deals where high specialization, lack of perceived conflicts, and ability to navigate sponsor clients or cross-border media/regulation complexity are valued. [2][3]

The strategies underpinning this surge include boutique banks leveraging their content-specific expertise, creative deal structures (e.g. spin-offs, stock-for-shares, collars, bridge loans) and strong relationships with streaming services and private equity sponsors. [4] A key example: Warner Bros. Discovery agreed to spin off its Global Networks division (to become Discovery Global) before the acquisition, simplifying the target for buyers and helping to align regulatory and valuation expectations. [5][4]

Strategically, this means boutique banks must build or sustain depth in content/IP expertise, maintain flexibility in financing solutions, and keep reputational capital high—because only firms trusted by both sides (buyers and sellers) are chosen in auctions of public companies and high-visibility deals. Bulge-brackets still matter for financing weight, but boutiques are no longer just complementary—they’re central in defining Hollywood’s M&A power dynamics. Open questions include how regulators will treat consolidation in streaming; the competitive barrier for boutiques in assembling financing; and whether sourcing enough mid-sized campaigns will keep boutiques at scale without overreach.