Saturday, February 1, 2014
Media and Marketing Industry Merger & Acquisition Trends 2013
M&A MARKET OVERVIEW
Berkery Noyes tracked 4,922 Media & Marketing transactions
between 2011 and 2013, of which 1,311 disclosed fi nancial terms,
and calculated the aggregate value to be $191.21 billion. Based on
known transaction values, we project values of 3,611 undisclosed
transactions to be $45.55 billion, totaling $236.77 billion worth
of transactions tracked over the past three years.
Disclosed median enterprise value multiples for all segments
combined in this report during the last 36 months were 1.8x
revenue and 9.2x EBITDA
The most active acquirer by volume in the Entertainment segment,
either directly or through an affi liated business between 2011 and
2013, was Zynga, Inc. with 14 transactions.
2013 KEY HIGHLIGHTS
• Reed Elsevier was the most active B2B Publishing & Information
acquirer with nine transactions in this specifi c segment during
• There were 156 fi nancially sponsored transactions with an
aggregate value of $21.22 billion, representing nine percent of
the total volume and 22 percent of the total value, respectively.
2013 KEY TRENDS
• Total transaction volume in 2013 remained nearly constant over
2012, from 1,667 to 1,673.
• Total transaction value in 2013 increased by 28 percent over
2012, from $75.81 billion to $97.30 billion. The proposed
merger of Publicis Groupe SA and Omnicom Group Inc.
accounted for 21 percent of the industry’s aggregate deal value
• The median revenue multiple rose from 1.4x in 2012 to 2.0x in
2013. The median EBITDA multiple improved from 8.0x in 2012
to 9.7x in 2013. In both instances, this marked a return to valuations
that were seen in 2011.
• Based on volume, the segment with the largest increase in 2013
over 2012 was Consumer Publishing with a 16 percent rise, from
167 to 193 transactions. Based on value, the segment with the
largest increase was Broadcasting, which more than tripled from
$3.95 billion to $13.34 billion.
More information here