The media sector includes companies that offer digital marketing, B2B publishing and information, consumer publishing, market research, entertainment content, and exhibitions, conferences and events.

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Latest Trend Reports

Full Year 2017 Media & Marketing Industry Trends

2017 Key Highlights

  • The industry's largest deal in 2017 was The Walt Disney Company's announced acquisition of 21st Century Fox, which includes the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for $66.1 billion.
  • There were 246 financially sponsored transactions with an aggregate value of $28.23 billion, representing 13 percent of the total volume and 17 percent of the total value, respectively.
  • 2017 Key Trends

  • Total transaction volume in 2017 saw a slight uptick over 2016, from 1,820 to 1,847.
  • Total transaction value in 2017 fell by 39 percent over 2016, from $270.89 billion to $166.04 billion. However, overall value more than doubled from 2015 to 2016.
  • The major rise in value during 2016 was due in large part to AT&T's announced acquisition of Time Warner for $105.27 billion. Also of note, there were two deals in 2017 with disclosed values above $10 billion, compared to four such deals in 2016 and none in 2015.
  • The median revenue multiple moved downward from 2.1x in 2016 to 1.5x in 2017. The median EBITDA multiple declined from 11.5x in 2016 to 9.8x in 2017.
  • The segment with the largest rise in volume in 2017 over 2016 was Broadcasting, which nearly tripled, from 44 to 122 transactions. This was close to the segment's volume level in 2015.
  • M&A Market Overview

    Berkery Noyes tracked 5,566 Media & Marketing transactions between 2015 and 2017, of which 1,208 disclosed financial terms, and calculated the aggregate value to be $470.78 billion. Based on known transaction values, we project values of 4,358 undisclosed transactions to be $69.81 billion, totaling $540.59 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Media & Marketing

    Q3 2017 Media & Marketing Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • The largest transaction in Q3 2017 and year-to-date was Discovery Communications' announced acquisition of Scripps Networks Interactive, a developer of lifestyle content for television and the Internet, for $11.9 billion. Scripps Networks Interactive is well known for several of its brands including HGTV, Food Network, Cooking Channel, and Travel Channel.
  • There were 195 financially sponsored transactions in the 1st 3 Quarters of 2017 with an aggregate value of $25.6 billion, representing 14 percent of the total volume and 30 percent of the total value, respectively.
  • Q3 2017 Key Trends

  • Total transaction volume in Q3 2017 remained almost constant over Q2 2017, from 476 to 470. Volume year-to-date improved by four percent compared to the same timeframe in 2016.
  • Total transaction value in Q3 2017 increased by 30 percent over Q2 2017, from $27.5 billion to $35.7 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2016 through the 1st 3 Quarters of 2017 declined by 24 percent, from 2.1x to 1.6x.
  • The median EBITDA multiple from 2016 through the 1st 3 Quarters of 2017 decreased by 14 percent, from 11.5x to 9.9x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen three new additions since our half year report, including two that involved television networks. In addition to Scripps Networks Interactive, this consisted of video and ecommerce retailer QVC's announced acquisition of its competitor HSN for $1.8 billion.

    Q3
    2017
    Media & Marketing

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