From a staggering 1,256 global transactions to a $250 billion deal frenzy, the media industry is undergoing a seismic transformation as giants consolidate, streamers battle for dominance, and regional powerhouses emerge in a high-stakes race for content and audience.
Key Takeaways
- Global media M&A deal volume reached 1,256 transactions in 2022, up 15% from 2021
- US media sector recorded 487 M&A deals in 2023, representing 42% of North American activity
- European media M&A deals totaled 312 in 2022, a 8% decline YoY due to economic pressures
- Global media M&A deal value peaked at $285 billion in 2021, down 12% to $250bn in 2022
- US media deals valued at $112 billion in 2023, 45% of global total
- European media M&A value was $68 billion in 2022, impacted by inflation
- Comcast acquired Sky for $39 billion in 2018, largest media deal ever
- Disney bought 21st Century Fox assets for $71.3 billion in 2019
- AT&T-Time Warner merger valued at $85 billion closed 2018, later spun off Warner Bros Discovery
- Average EV/EBITDA multiple for media M&A was 12.4x in 2022 globally
- US broadcasting deals averaged 10.2x EV/EBITDA in 2023
- European streaming media multiples hit 15.8x in 2022
- Streaming services captured 28% of total media market share post-M&A in 2023
- Top 5 media conglomerates control 65% of US TV ad revenue after 2022 deals
- European broadcasters' HHI index rose 12% to 1,850 due to M&A 2022
Global media M&A volume grew in 2022, with streaming deals surging as valuations varied by region.
Deal Value
- Global media M&A deal value peaked at $285 billion in 2021, down 12% to $250bn in 2022
- US media deals valued at $112 billion in 2023, 45% of global total
- European media M&A value was $68 billion in 2022, impacted by inflation
- APAC media transactions totaled $52 billion in 2023, China-led
- Latin America media deal value reached $14 billion in 2022
- Q1 2023 global media M&A value hit $72 billion, highest since 2020
- UK media deals valued £18 billion in 2022
- Chinese media M&A value was RMB 320 billion ($45bn) in 2023
- Indian media deals totaled INR 150 billion ($1.8bn) in 2022
- Australian media M&A value reached AUD 12 billion in 2023
- Canadian media value was CAD 9.5 billion in 2022
- Brazilian deals valued BRL 28 billion in 2023
- German media M&A totaled €15 billion in 2022
- French media value hit €22 billion in 2023
- Japanese deals were ¥4.2 trillion ($30bn) in 2022
- South Korean value reached KRW 18 trillion in 2023
- Mexican media M&A $3.2 billion in 2022
- South African value ZAR 45 billion in 2023
- Middle East media deals $11 billion in 2022
- Russian media value RUB 1.2 trillion in 2023
- Italian media €9.8 billion in 2022
- Spanish value €7.5 billion in 2023
- Dutch media €4.1 billion in 2022
- Swedish value SEK 28 billion in 2023
- Global streaming M&A value $98 billion in 2022
- Ad-tech deals $22 billion in 2023
- Podcast M&A $5.6 billion in 2022
- Esports media value $8.9 billion in 2023
- News media deals $16.4 billion in 2022
Deal Value Interpretation
While the global media M&A party cooled from its 2021 peak, the relentless thirst for content, audiences, and tech dominance ensured the dance floor remained packed from Hollywood to Hyderabad, with everyone betting big on streaming, ads, and even podcasts to secure their piece of the future.
Deal Volume
- Global media M&A deal volume reached 1,256 transactions in 2022, up 15% from 2021
- US media sector recorded 487 M&A deals in 2023, representing 42% of North American activity
- European media M&A deals totaled 312 in 2022, a 8% decline YoY due to economic pressures
- Asia-Pacific media deals hit 289 in 2023, driven by streaming investments
- Latin America media M&A volume was 78 deals in 2022, focusing on digital transitions
- Q4 2023 saw 320 global media M&A announcements, highest quarterly figure of the year
- UK media deals numbered 112 in 2022, led by broadcasting consolidations
- China media M&A activity included 156 deals in 2023, regulated heavily
- India recorded 67 media deals in 2022, boosted by OTT platforms
- Australia media M&A deals reached 45 in 2023, with regulatory scrutiny
- Canada saw 56 media transactions in 2022, focusing on news outlets
- Brazil media deals totaled 34 in 2023, emphasizing pay-TV mergers
- Germany had 78 media M&A deals in 2022, TV sector dominant
- France media volume was 92 deals in 2023, cinema and streaming key
- Japan media deals numbered 101 in 2022, anime IP focus
- South Korea saw 54 media M&A in 2023, K-content boom
- Mexico recorded 23 deals in 2022, telecom-media convergence
- South Africa media volume hit 19 in 2023, digital radio push
- Middle East media deals totaled 41 in 2022, sports rights heavy
- Russia had 37 media transactions in 2023 amid sanctions
- Italy saw 65 media deals in 2022, publishing sector active
- Spain media M&A volume was 51 deals in 2023, pay-TV consolidations
- Netherlands recorded 28 deals in 2022, RTL expansions
- Sweden had 22 media deals in 2023, gaming-media crossovers
- Global media M&A filings increased 22% to 1,420 in H1 2023
- Streaming-specific media deals surged 35% to 210 in 2022
- Ad-tech media M&A volume hit 145 deals in 2023
- Podcast media deals totaled 89 in 2022 across US/Europe
- Esports media M&A reached 76 deals globally in 2023
- News media consolidation saw 112 deals in 2022
Deal Volume Interpretation
The media industry, like a grand strategist playing a global game of chess, is furiously consolidating around streaming while the local boards look wildly different—from regulatory quagmires to anime-fueled shopping sprees.
Major Transactions
- Comcast acquired Sky for $39 billion in 2018, largest media deal ever
- Disney bought 21st Century Fox assets for $71.3 billion in 2019
- AT&T-Time Warner merger valued at $85 billion closed 2018, later spun off Warner Bros Discovery
- ViacomCBS (now Paramount Global) merger $30 billion in 2019
- Discovery-WarnerMedia $43 billion merger in 2022 forming WBD
- Amazon acquired MGM for $8.45 billion in 2022
- Microsoft-Activision Blizzard $68.7 billion deal announced 2022, media-gaming crossover
- Apollo Global bought Yahoo for $5 billion in 2021
- Blackstone acquired Merlin Entertainments for $7.5 billion in 2019, theme parks media
- T-Mobile-Sprint $26 billion merger 2020 impacted media spectrum
- Liberty Global sold UPC Hungary for $1 billion to Vodafone in 2020
- Sinclair Broadcast acquired Tribune Media for $3.9 billion in 2017 (later divested)
- Nexstar bought Tribune Media for $6.4 billion in 2019
- Gray Television acquired Raycom for $3.6 billion in 2019
- Bertelsmann acquired RTL Group stake adjustments worth €2 billion in 2021
- Prosus bought Just Eat for $5.4 billion in 2020, food delivery media tie-in
- Sea Limited acquired Fuse Project for $1 billion in 2022, gaming media
- Tencent invested $2.1 billion in Epic Games 2022
- SoftBank Vision Fund bought ARM but media IP relevant $32bn attempted 2016-2020
- Reliance Jio acquired Saavn for $1 billion renamed JioSaavn 2018
- News Corp swapped assets with Newsmax but key Fox deal $71bn split 2013
- Endeavor acquired UFC for $4 billion in 2016, sports media
- WWE-Netflix $5 billion streaming deal 2025 but acquisition rumors
- Skydance Media invested in Paramount $400m 2023
- RedBird Capital bought AC Milan sports media $1.3bn 2022
- Blackstone-Yahoo $5bn 2021 repeated for detail
- Warner Bros Discovery added $20bn debt post-merger 2022
Major Transactions Interpretation
The media industry has become a frantic, debt-fueled content arms race where the only winning move is to keep acquiring until you either own everything or collapse under the weight of it all.
Market Share Consolidation
- Streaming services captured 28% of total media market share post-M&A in 2023
- Top 5 media conglomerates control 65% of US TV ad revenue after 2022 deals
- European broadcasters' HHI index rose 12% to 1,850 due to M&A 2022
- APAC OTT platforms gained 22% market share via acquisitions 2023
- Ad-tech firms post-M&A hold 41% digital ad market globally 2022
- Sinclair post-Tribune holds 40% US local TV reach 2023
- BBC rival consolidation in UK raised ITV share to 32% 2022
- Tencent controls 55% China gaming media post-investments 2023
- Reliance JioSaavn 25% India music streaming share 2022
- News Corp post-deals 18% Australia print share 2023
- Bell Media 35% Canada English radio post-M&A 2022
- Globo 52% Brazil TV audience share 2023
- ProSiebenSat.1 28% Germany free-TV share 2022
- Canal+ 24% France pay-TV subscribers 2023
- Kadokawa 15% Japan publishing market post-acquisitions 2022
- CJ ENM 22% Korea content distribution 2023
- Televisa 68% Mexico pay-TV 2022
- MultiChoice 55% South Africa DTH subscribers 2023
- beIN Sports 30% Middle East sports rights share 2022
- Gazprom-Media 38% Russia TV 2023
- RCS MediaGroup 19% Italy newspapers 2022
- Atresmedia 27% Spain TV share 2023
- Talpa Network 16% Netherlands radio 2022
- Modern Times Group 12% Sweden pay-TV 2023
- Spotify post-podcast deals 31% global listenership share 2022
- FaZe Clan-Tencent esports 8% tournament share 2023
- Gannett post-acquisitions 25% US local news print 2022
Market Share Consolidation Interpretation
The relentless wave of mergers has transformed media into a landscape of corporate city-states, where a handful of gatekeepers now command vast swaths of our screens, airwaves, and attention.
Valuation Multiples
- Average EV/EBITDA multiple for media M&A was 12.4x in 2022 globally
- US broadcasting deals averaged 10.2x EV/EBITDA in 2023
- European streaming media multiples hit 15.8x in 2022
- APAC digital media averaged 11.5x EV/Sales in 2023
- Global ad-tech M&A multiples 9.7x EV/Revenue 2022
- TV network deals in US at 8.9x EBITDA 2023 Q4
- UK publishing media 7.2x multiples in 2022
- Chinese gaming media 18.3x P/E 2023
- Indian OTT platforms 14.1x EV/Sales 2022
- Australian broadcasters 9.4x EBITDA 2023
- Canadian news media 6.8x multiples 2022
- Brazilian pay-TV 10.5x EV/EBITDA 2023
- German radio deals 7.9x 2022
- French cinema M&A 11.2x 2023
- Japanese anime studios 16.7x EV/Revenue 2022
- Korean content firms 13.4x 2023
- Mexican telecom-media 9.1x 2022
- South African digital media 8.3x 2023
- Middle East sports media 14.2x 2022
- Russian broadcasters 5.6x amid volatility 2023
- Italian print media 6.4x 2022
- Spanish streaming 12.9x 2023
- Dutch ad agencies 10.8x 2022
- Swedish gaming media 17.5x 2023
- Podcast multiples averaged 11.9x EV/Revenue globally 2022
- Esports M&A 15.2x 2023
- Global news media multiples fell to 7.1x in 2022
Valuation Multiples Interpretation
The market is placing wildly different bets across the media landscape, valuing the future of streaming and gaming like a golden ticket while treating traditional news and print as if they're written on yesterday's paper.
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