Notable Business Negotiations of 2024

Notable business negotiations and conflict resolution efforts of 2024 include both failed and successful mergers, labor strikes, and AI investments. The Program on Negotiation at Harvard Law School takes a closer look at some of most interesting business negotiations of the year.

By — on / Business Negotiations

For corporate dealmakers, 2024 was a relatively slow year. Yet several notable business negotiations and conflict resolution decisions captured headlines and offered lessons for negotiators across sectors. Let’s take a look at 10 that stood out:

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10. A failed succession plan. In December, a Nevada commissioner ruled against media mogul Rupert Murdoch in his efforts to cement control of his family trust with his eldest son, Lachlan. According to the commissioner, Edmund J. Gorman Jr., Murdoch and Lachlan acted in “bad faith” in their attempt to alter the irrevocable trust, which will divide control of Murdoch’s empire among his four oldest children—Lachlan, James, Elisabeth, and Prudence—upon his death. Murdoch, 93, was motivated to elevate Lachlan to a permanent leadership role to ensure that his media holdings will maintain their conservative bent. In December, Murdoch launched a long-shot effort to overturn the ruling.

9. Salaries lag in WNBA. Interest in women’s basketball has skyrocketed in recent years, thanks to the rise of superstar Caitlin Clark and other top players. Yet many were surprised to hear that Clark’s starting salary in the Women’s National Basketball Association (WNBA) is only about $76,500, a small fraction of what male players earn in the NBA. While Clark earns the bulk of her income from endorsements, many WNBA players supplement their relatively low salaries by playing on foreign teams in the offseason. As profits rise in women’s basketball, it will become more difficult for WNBA teams to continue to justify low salaries. It’s one of many fields in which women face an uphill battle in salary negotiations.

8. Taking the salty with the sweet. In August, chocolate-maker Mars announced a planned $35.9 billion acquisition of snack-maker Kellanova, whose brands include Cheez-It, Pringles, and Eggo. Privately owned Mars, which produces M&M’s and Snickers candy bars, has been expanding beyond its core business with recent acquisitions, including the maker of KIND bars and pet food brand IAMS. The diversification deal comes amid volatility in the food market, as some consumers resist recent rises in grocery prices.

7. Boeing’s troubles mount. Boeing’s ongoing business and ethical crisis was exacerbated by a seven-week strike by 33,000 of its machinists in 2024. With the union workers on the picket lines, Boeing halted production of its 737, 777, and 767 jets at an estimated cost of $5 billion. The workers went on strike after rejecting a contract that promised a 25% pay raise over four years. After threatening mass layoffs, Boeing, led by new CEO Kelly Ortberg, ultimately offered the machinists a pay hike of 38% over four years. A majority of the workers voted to ratify the new contract. At year’s end, strikes by Amazon and Starbucks workers further highlighted workers’ attempts to gain leverage through collective action.

6. Upscale retail consolidates. Two 2024 deals aimed to help pull the luxury retail market out of its downward slide amid competition from fast-fashion leaders Walmart, Amazon, and others. In July, HBC, the parent company of department store Saks Fifth Avenue, agreed to acquire Neiman Marcus, which had filed for bankruptcy protection during the Covid-19 pandemic, the Times reports. The acquisition positions the new retail group, Saks Global, as the industry leader, with a total of 74 stores and 100 outlets. And in December, the Nordstrom family and a Mexican retail group cemented a $6.25 billion deal to purchase department store Nordstrom and take it private. With sales at Nordstrom having “flatlined” in the past decade, according to the Associated Press, the new owners plan to invest in the business without the pressure to show short-term profits.

5. Google under fire. In August, a federal judge ruled in a lawsuit filed by the U.S. Department of Justice (DOJ) and 18 U.S. states that Google had illegally maintained a monopoly with its online search engine. Then in December, to open up Google’s Android app store to increased competition, Judge James Donato ordered Google to allow app developers to offer their own app stores on Android devices in exchange for a “reasonable fee.” The landmark decision could trigger a wave of antitrust lawsuits against tech companies.

4. Mixing business and politics. The rich and the powerful exerted their influence throughout the long and tumultuous U.S. presidential election of 2024. After Joe Biden’s disastrous debate performance opposite Donald Trump on June 27, Democratic politicians, business leaders, and movie stars worked behind the scenes and in front of the camera to try to convince the president to bow out of the race. While their negotiation campaign succeeded, the switch in candidates to Kamala Harris failed to deliver Democrats a victory. After Trump was reelected, Tesla CEO Elon Musk, one of his biggest donors, and other Silicon Valley leaders successfully jockeyed to secure high-level positions in his administration.

3. An up-and-down media deal. In July, Paramount Global agreed to merge with entertainment studio Skydance in what DealBook called “the most tumultuous media deal in years.” Paramount’s business, which includes CBS and Viacom, had been on a “roller coaster” brought on by the loss of cable customers and significant debt, according to CNBC. On-again, off-again negotiations with Skydance culminated in an $8.4 billion deal, backed by private equity firms. The merger negotiations raised the issue of when to agree to an exclusivity period.

2. AI investments. In 2024, tech companies jostled to bring artificial intelligence (AI) tools to market. Amazon invested $12 billion in generative AI start-up Anthropic over 14 months, and Apple and Nvidia were in talks to back OpenAI as part of a deal that valued the AI leader at $100 billion. U.S. regulators are looking closely at the investments, which allow tech companies such as Microsoft, Amazon, and Google to “form deep ties with their smaller rivals while avoiding most government scrutiny,” according to the Times. But the White House actually played matchmaker in one deal, pushing Microsoft to invest $1.5 billion in G42 after the Emirati AI company agreed to try to keep Chinese intelligence agencies from infiltrating its systems.

1. A sluggish year for mergers. Merger and acquisition (M&A) deals fell 18% in 2024, even as the dollar volume of deals rose 9% to $3 trillion, the London Stock Exchange Group reports. High interest rates and inflation kept deal financing costs high, and the Federal Trade Commission’s (FTC’s) tough antitrust enforcement put a damper on dealmaking. Court rulings blocked the merger of JetBlue Airways and Spirit Airlines, as well as Kroger’s $24.6 billion acquisition of rival grocery chain Albertsons. Corporate dealmakers anticipated that Trump’s pick for FTC chief, Andrew Ferguson, would take a more hands-off approach to M&A negotiations than his predecessor, Lina Khan, though Ferguson is expected to crack down on Big Tech, DealBook reports.

What other notable business negotiations stood out for you in 2024?

Claim your FREE copy: Business Negotiation Strategies: How to Negotiate Better Business Deals

Discover step-by-step techniques for avoiding common business negotiation pitfalls when you download a copy of the FREE special report, Business Negotiation Strategies: How to Negotiate Better Business Deals, from the Program on Negotiation at Harvard Law School.


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