Steve Bornstein - Former CEO, ESPN & NFL Network
Getting Acquired: Relationship-Driven M&A Outcomes
Steve Bornstein, Former CEO of ESPN and Former CEO of NFL Network
Steve Bornstein is a veteran media executive who led ESPN through its formative growth years and later served as President and CEO of NFL Network. Across decades of leadership, he has been directly involved in acquisition discussions shaped by long-standing relationships, strategic alignment, and deal timing rather than purely competitive auction dynamics.
What Founders Should Know About Getting Acquired
- Relationships shape acquisition outcomes. Deals move faster and close more smoothly when buyers and sellers already trust each other.
- Auctions introduce risk. Competitive processes can increase price but often create execution risk and misalignment.
- Founder comfort matters. Alignment with the acquirer’s leadership, culture, and long-term intent is critical.
- Familiarity builds flexibility. Established relationships often earn founders the benefit of the doubt during negotiations.
- Timing is strategic. The right partner at the right moment can matter more than ideal market conditions.
What to Know Before Engaging with Potential Acquirers
Are companies bought or sold?
Most successful acquisitions are relationship-driven, not transactional. Buyers rarely act on numbers alone. They acquire companies they understand, trust, and believe they can integrate effectively. When relationships already exist, diligence becomes confirmation rather than interrogation.
Why do relationships matter in M&A?
Bornstein has seen acquisitions succeed most often when parties know each other well. Familiarity reduces uncertainty and accelerates decision-making. Auction-driven processes, by contrast, can attract buyers without strategic alignment or long-term commitment.
How does timing influence getting acquired?
Timing is rarely perfect, but preparation creates leverage. Founders who believe deeply in their mission and proactively build the right relationships position themselves to act when interest emerges. In many cases, strong relationships develop quickly once alignment is clear.
“If you know the people on the other side and trust how they operate, everything moves faster and with far less friction.”
Steve Bornstein, Former CEO of ESPN and NFL Network
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About Steve Bornstein
Steve Bornstein is a former Chairman and CEO of ESPN and former President and CEO of NFL Network. Over his career, he has guided organizations through growth, media strategy evolution, and acquisition discussions shaped by trust, timing, and strategic alignment.
Get Acquired FAQs for Founders
What does it mean to get acquired?
Getting acquired is about finding a partner whose strategy, culture, and long-term vision align with your company, not just completing a transaction.
Is an auction always the best way to sell a company?
No. Auctions can increase price but often introduce execution risk and reduce trust between parties.
When should founders start building buyer relationships?
Well before a deal is contemplated. Strong relationships often take years to mature and pay dividends.
What makes an acquisition process smoother?
Trust, familiarity, and aligned expectations reduce friction during diligence and negotiation.
Does timing matter more than valuation?
In many cases, yes. The right buyer at the right time can lead to better long-term outcomes than a marginally higher price.