Significant Business Deals brokered in 2024

Significant Business Deals brokered in 2024

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2024's Unforgettable Business Negotiations: A Peek Behind Closed Doors

If you thought corporate dealmaking was a dull affair, 2024 proved you wrong. From powerhouses like Google and Amazon to household names like Rupert Murdoch, business negotiations and conflict resolutions took center stage, offering valuable lessons for negotiators across sectors. Let's dive into ten standout instances:

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10. Family feud over the empire: After a Nevada commissioner sided against media tycoon Rupert Murdoch in his attempt to solidify control of his family trust with his eldest son, Lachlan, amid allegations of bad faith dealings, Murdoch launched an uphill battle to overturn the decision. The issue at hand? Splitting control of Murdoch's vast media empire among his four oldest children upon his death.

9. Women's basketball: unleveled playing field: Despite the rising popularity of women's basketball and the emergence of superstars like Caitlin Clark, WNBA salaries remain disproportionately low when compared to NBA salaries. Many WNBA players supplement their income by playing overseas during the offseason, underscoring the steep uphill climb women face in salary negotiations across industries.

8. Expanding horizons for Mars: Mars, the beloved chocolate-maker, announced a $35.9 billion purchase of snack-maker Kellanova, whose brands include Cheez-It, Pringles, and Eggo. With this acquisition, Mars continues to widen its horizons and diversify its product portfolio amid market volatility.

7. Boeing continues to struggle: A seven-week strike by 33,000 Boeing machinists in 2024 halted production of several Boeing aircraft at an estimated cost of $5 billion. After threatening layoffs, Boeing's new CEO, Kelly Ortberg, ultimately agreed to offer machinists a 38% pay hike over four years, marking a significant shift in the standoff.

6. Luxury retail shuffles its deck: In what the Times reported, HBC, the parent company of Saks Fifth Avenue, acquired bankruptcy-protection-seeking Neiman Marcus, positioning Saks Global as the industry leader. The Nordstrom family also inked a $6.25 billion deal to take department store Nordstrom private, aiming to revitalize the brand without short-term profit pressure.

5. Google under investigation: In August, a federal judge ruled in favor of an antitrust lawsuit against Google, alleging the company had illegally monopolized online searches. The court also ordered Google to open its Android app store to increased competition, potentially setting a precedent for tech industry regulation.

4. Politics and business intertwined: The rich and powerful used their influence to impact the tumultuous U.S. presidential election of 2024, both behind the scenes and in front of the cameras. Despite successful negotiation efforts to persuade Democratic candidates to drop out, the switch to Kamala Harris didn't bring the desired outcome. After Trump's reelection, tech leaders navigated their way into high-level administration roles.

3. Rollercoaster media deal: In one of the most volatile media deals of the year, Paramount Global agreed to merge with entertainment studio Skydance. Negotiations between the two companies were on and off throughout the year, raising questions about the wisdom of agreeing to exclusivity periods.

2. Technological advancements: Tech companies raced to bring innovative AI tools to the market, investing in generative AI start-ups and AI leaders like OpenAI. While US regulators kept a close eye on these investments, the White House played a role in brokering the Microsoft-G42 deal to safeguard against Chinese intelligence infiltration.

1. A slow year for mergers: M&A deals decreased by 18% in 2024 despite the dollar volume rising 9% to $3 trillion. High interest rates, inflation, and tough antitrust enforcement by the FTC combined to create a challenging deal environment. The mergers of JetBlue Airways and Spirit Airlines, as well as Kroger's acquisition of Albertsons, were among those scrapped in the face of regulatory obstacles.

What memorable business negotiations from 2024 stood out for you?

Don't miss your chance to boost your negotiation skills! Get your FREE copy of our exclusive special report, Business Negotiation Strategies: How to Negotiate Better Business Deals, from the Program on Negotiation at Harvard Law School. Learn the secrets to successfully navigating common business negotiation pitfalls.

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1. The dealmaking in 2024's business world showcased the importance of leadership and negotiation, particularly in the face of conflict resolution, whether it be family feuds over family trusts in the media industry, or strikes in businesses like Boeing.
2. The negotiations between tech companies, such as Google and Microsoft, brought about significant changes in the tech industry, including increased regulation and strategic partnerships, demonstrating the significance of law and finance in tech investing.
3. The sports industry also showcased the importance of negotiation and conflict resolution, with the WNBA highlighting the need for better salary negotiations across industries, while the merger of two major luxury retail companies, Saks Fifth Avenue and Neiman Marcus, underscored the strategic moves necessary in business acquisitions.
4. As the technology landscape advanced, the art of leadership and negotiation became crucial, as seen in the brokering of deals between tech titans and government agencies, such as the Microsoft-G42 deal, which aimed to safeguard against potential security threats.
5. The volatile media deals of 2024, such as the rollercoaster merger between Paramount Global and Skydance, highlighted the need for sound negotiation strategies and the potential consequences of agreeing to exclusivity periods.
6. The decline in mergers and acquisitions in 2024, despite an increase in dollar volume, emphasizes the challenges posed by high interest rates, inflation, and tough antitrust enforcement, indicating the significance of careful financial planning in business investments.

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