1st Half 2024 Media, Marketing, & Online Industry Trends

1ST HALF 2024 KEY HIGHLIGHTS

The largest transaction in 1st Half 2024 was SilverLakes’s announced acquisition of Endeavor, a global sports and entertainment company, for $21.4 billion.

A notable active acquirer in the Media & Marketing Industry for 1st Half 2024 was Stagwell, a network created to transform marketing, with the purchases of Luxine Relations Publiques, PROS Agency, Sidekick Live Limited, What’s Next Partners, and Team Epiphany.

There were 107 financially sponsored transactions with an aggregate value of $44.9 billion, representing 18 percent of the total volume and 68 percent of the total value.

1ST HALF 2024 KEY TRENDS

Total transaction volume in 1st Half 2024 decreased by 4 percent over 2nd Half 2023, from 632 to 604.

Total transaction value increased 63 percent from $40.6 billion in 2nd Half 2023 to $66 billion in 1st Half 2024.

The median revenue multiple decreased from 1.6x in 2nd Half 2023 to 1.4x in 1st Half 2024. The median EBITDA multiple declined from 10.8x in 2nd Half 2023 to 7.9x in 1st Half 2024.

M&A MARKET OVERVIEW

Berkery Noyes tracked 3,524 Media, Marketing, & Online transactions between 2022 and 1st Half 2024 of which 659 disclosed financial terms, and calculated the aggregate transaction value to be $258 billion. Based on known transaction value, we project values of 2,865 undisclosed transactions to be $44.99 billion, totaling $302.99 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2022 to 1st Half 2024 with enterprise values above $160 million received a median revenue multiple of 4.5x, whereas those in the $10-$20 million range garnered a median revenue multiple of 1.7x.