• The industry’s largest deal in 1st Half 2017 was Sinclair Broadcast Group’s announced acquisition of Tribune Media Company for $6.55 billion. Tribune owns or operates 42 television stations in 33 markets, cable network WGN America, digital multicast network Antenna TV, minority stakes in the TV Food Network and CareerBuilder, and a variety of real estate assets.
  • There were 133 financially sponsored transactions with an aggregate value of $18.17 billion, representing 14 percent of the total volume and 34 percent of the total value, respectively.


  • Total transaction volume in 1st Half 2017 increased by three percent over 2nd Half 2016, from 893 to 919.
  • Total transaction value in 1st Half 2017 fell by 73 percent over 2nd Half 2016, from $176.03 billion to $47.22 billion.
  • Two of the industry’s top three largest deals in 2016 occurred during the second half of the year and accounted for almost half of overall 2016 value. Aggregate value in 1st Half 2017 declined 50 percent on a year-over-year basis but rose 19 percent relative to 1st Half 2015.
  • The median revenue multiple decreased from 2.2x in 2nd Half 2016 to 1.6x in 1st Half 2017. The median EBITDA multiple moved downward from 12.8x in 2nd Half 2016 to 10.8x in 1st Half 2017, which was in line with its 1st Half 2016 level.

M&A Market Overview

Berkery Noyes tracked 4,636 Media & Marketing transactions between 2015 and 1st Half 2017, of which 982 disclosed financial terms, and calculated the aggregate transaction value to be $358.58 billion. Based on known transaction values, we project values of 3,654 undisclosed transactions to be $65.04 billion, totaling $423.62 billion worth of transactions tracked over the past two and a half years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 1.9x revenue and 10.0x EBITDA.