TGIF Monthly Wrap: December 2025
- ICMSS
- Dec 26, 2025
- 2 min read
Goldman Sachs pursuing acquisitions, Netflix and Paramount in a bidding contest, Superbank completing an IPO, and SpaceX preparing for a public listing.
By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra
December 26, 2025 at 16:30 GMT+7
Innovator logo | Source: Innovator
Goldman Sachs agreed to acquire Innovator Capital Management in a US$2 billion cash-and-stock transaction, bolstering the firm’s push into the fast-growing market for defined-outcome exchange-traded funds. The deal gives Goldman a fully built platform in the fast-growing defined-outcome ETF segment, adding Innovator’s US$28 billion platform spanning 159 ETFs. More than 60 Innovator employees, including its leadership team, will join Goldman Sachs Asset Management. The acquisition brings proprietary product engineering and established distribution, strengthening Goldman’s competitive position in ETFs and advancing its strategy to expand solutions-oriented offerings amid rising demand for downside protection, income, and targeted return strategies.
Netflix has agreed to acquire Warner Bros | Source: Time
Netflix is set to acquire Warner Bros Discovery’s studios and streaming assets in a US$72 billion deal, gaining control of HBO, HBO Max, and major franchises including Harry Potter and Game of Thrones. The announcement surprised the industry, sparking regulatory scrutiny and market disruption. Both Netflix and Paramount were involved in an asset-focused bidding process, with Netflix initially outbidding its rival. However, Paramount later escalated the contest by launching a US$108 billion bid for Warner Bros Discovery’s entire business, backed by the Ellison family and sovereign wealth funds. At the same time, Netflix faces a consumer class-action lawsuit alleging that the merger could reduce competition while also driving higher prices and limiting consumer choice in the streaming market.
Superbank makes its debut in the Indonesian Stock Exchange | Source: Kumparan
Superbank’s launched its IPO to the Indonesian market, attracting more than one million investor orders and achieving an oversubscription level of 318.69 times, with 4.4 billion shares offered and targeted proceeds of around Rp3 trillion. Superbank shares surged 24.41% on its debut, signaling strong demand for the digital bank. With IPO proceeds directed toward growth initiatives, management emphasized long-term fundamentals over short-term price movements. Roughly 70% of proceeds will fund credit expansion, while 30% will support technology, AI, and cybersecurity initiatives. The bank plans to deploy Rp8 trillion to strengthen its role within the Grab and OVO ecosystems, enabling seamless account openings and digital integration, reinforcing its strategy for measured, technology-driven expansion.
Space X Logo | Source: SpaceX
SpaceX IPO Sets Off Rivalry Among Major Banks
SpaceX is moving toward a potential initial public offering, prompting competition among major investment banks to secure lead underwriting roles. Morgan Stanley is widely viewed as a front-runner, supported by its long-standing advisory relationship with Elon Musk and prior involvement in Musk-led companies. Rivals, including Goldman Sachs and JPMorgan Chase, are advancing alternative valuation approaches to address SpaceX’s diversified businesses and Starlink’s recurring-revenue model. However, key details remain unresolved, with the IPO’s timing, valuation, and final banking syndicate still under discussion with final outcomes tied to market conditions while also reflecting execution considerations and SpaceX’s approach to adviser selection.
Sources:
BBC
Bloomberg
CNN
Reuters
Tempo
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