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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1st Half 2018 Media & Marketing Industry Trends

1st Half 2018 Key Highlights

  • The largest strategic deal in 1st Half 2018 was Informa’s announced takeover bid of UBM for $6.17 billion, which will create the world’s most extensive B2B events group. As a result of the merger, Informa’s shareholders will own 65.5 percent of the enlarged company with UBM’s shareholders owning the rest.
  • There were 122 financially sponsored transactions with an aggregate value of $20.18 billion, representing 15 percent of the total volume and 38 percent of the total value, respectively.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 declined by ten percent over 2nd Half 2017, from 892 to 803. Private equity volume increased nine percent whereas strategic volume fell 13 percent.
  • Total transaction value in 1st Half 2018 fell by 55 percent over 2nd Half 2017, from $117.14 billion to $53.11 billion. Of note, two of the industry’s top three largest deals in 2017 occurred during the 2nd Half of the year and accounted for almost one-half of overall 2017 value.
  • Aggregate value in 1st Half 2018 improved nine percent on a year-over-year basis.
  • The median revenue multiple saw an uptick from 1.2x in 2nd Half 2017 to 1.4x in 1st Half 2018. The median EBITDA multiple remained nearly constant during this timeframe at 10.0x.
  • M&A Market Overview

    Berkery Noyes tracked 4,490 Media & Marketing transactions between 2016 and 1st Half 2018, of which 972 disclosed financial terms, and calculated the aggregate transaction value to be $441.12 billion. Based on known transaction values, we project values of 3,518 undisclosed transactions to be $47.93 billion, totaling $489.05 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Media & Marketing

    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

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