Q3 2015 KEY HIGHLIGHTS
The largest transaction in Q3 2015 was Media General's announced acquisition of Meredith Corporation, a television broadcasting, magazine publishing and marketing company, for $3.1 billion. Shortly afterwards Nexstar Broadcasting Group made an unsolicited offer to acquire Media General for $4.1 billion (including debt), which is under consideration by Media General's board of directors.
There were 160 financially sponsored transactions in the 1st 3 Quarters of 2015 with an aggregate value of $15.4 billion, representing 12 percent of the total volume and 25 percent of the total value, respectively.
Q3 2015 KEY TRENDS
Total transaction volume in Q3 2015 declined by six percent over Q2 2015, from 457 to 430. However, volume year-to-date increased four percent compared to the same timeframe in 2014.
Total transaction value in Q3 2015 rose 15 percent over Q2 2015, from $20.8 billion to $24.0 billion.
MULTIPLES & VALUE TRENDS
The median revenue multiple from 2014 through the 1st 3 Quarters of 2015 moved downward by 15 percent, from 2.0x to 1.7x.
The median EBITDA multiple from 2014 through the 1st 3 Quarters of 2015 decreased by 18 percent, from 11.0x to 9.0x.
TOP TEN DEALS THROUGH Q3 2015
The top ten deals by value have seen five new additions since our half year report, including one in the Consumer Publishing segment: Nikkei Inc.'s acquisition of The Financial Times Ltd for $1.3 billion. This was also the segment's largest transaction year-to-date.
These five transactions, with an aggregate value of $8.2 billion, represented 13 percent of transaction value in the 1st 3 Quarters of 2015 and 34 percent of Q3 2015 transaction value.