M&A

At Nemesis The Tradition, this M&A simulation is built to test multiple acquisition structures through a live, competitive bid for Warner Bros. Discovery, with Netflix, Inc. and Paramount Skydance as rival acquirers. Teams will experiment with different takeover types, including all cash and stock for stock mergers, hybrid consideration (cash plus equity), staged acquisitions and earn outs, share purchases vs. asset deals, and proposals featuring carve outs for sensitive business lines.

Participants may also explore minority investments with control rights, joint bid vehicles, and alternative governance packages. Each structure will be judged not only on valuation, but on deal certainty and closability. Delegates will negotiate term sheets and core agreement mechanics such as reps and warranties, covenants, closing conditions, MAC clauses, break fees, and regulatory risk allocation. The most credible bidder will combine a coherent strategic rationale with a realistic financing plan, integration roadmap and an antitrust ready remedy set.

The simulation culminates in a board and regulator style showdown where design, negotiation skill and execution credibility decide the winner.