Q3 2023 Media & Marketing Industry Trends

Q3 2023 Key Highlights

Seven of the top ten highest value deals year-to-date were completed by strategic acquirers.

There were 127 financially sponsored transactions in the 1st 3 Quarters of 2023 with an aggregate value of $13.62 billion, representing 16 percent of the total volume and 21 percent of the total value, respectively.

Q3 2023 Key Trends

Total transaction volume in the 1st 3 Quarters of 2023 decreased by 14 percent over the 1st 3 Quarters of 2022, from 920 to 793.

Total transaction value in the 1st 3 Quarters of 2023 decreased by 75 percent over the 1st 3 Quarters of 2022, from $140.64 billion to $34.52 billion.

Multiples & Value Trends

The median revenue multiple on a year-over-year basis shifted downward from 2.7x to 1.6x.

The median EBITDA multiple on a year-over-year basis decreased from 11.5x to 7.5x.

Top Ten Deals Through Q3 2023

Four of the top ten deals by value year-to-date occurred in Q3 2023. KKR’s announced acquisition of Simon & Schuster, a leader in general interest publishing, for $1.62 billion; Thermo Fisher Scientific’s announced acquisition of CorEvitas, a science-led, real-world data intelligence company, for $913 million; DUET’s acquisition of Fenix360, a multi genre social media platform, for $600 million; and Hasbro’s sale of Entertainment One’s film and TV business to Lionsgate for $500 million.

These four transactions, with an aggregate value of $3.6 billion, represented 52 percent of Q3 2023 transaction value and 10 percent of transaction value in the 1st 3 Quarters of 2023.