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1、H1 2024The evolution of engagement H1 2024Introduction1Global trends2Market analysis11United States12United Kingdom13Western Europe16Asia Pacific17The Rest of the world18Corporate M&A activity19Private Equity21Mid-market activity22Looking forward23A word from Andy VinerContentsWhile 2024 may bring i

2、ts share of uncertainty,there are signs that the markets slight dip could be less about turbulent conditions and more about shifting investor priorities as they prepare for a rapidly evolving future.Could this year be laying the groundwork for an exciting surge of deals ahead?Or perhaps it points to

3、 a more thoughtful,strategic approach to M&A activity.Lets explore some of the key deals that are already shaping the global market in 2024.In the first half of this year,disclosed M&A deal values reached approximately US$60 billion across 630 transactions a modest decline compared to the 655 transa

4、ctions in the same period in 2023.This dip reflects broader hesitations in the market as dealmakers navigate high interest rates,political uncertainty,and valuation gaps.As a result,many have shifted away from large-cap deals toward smaller,more manageable mid-market transactions.These deals,though

5、smaller in scale,offer strategic opportunities,allowing businesses to capitalise on innovation and evolving market trends.The persistence of high interest rates has played a critical role in reshaping the deal environment in 2024.Central banks,particularly in the US and Europe,have maintained a high

6、er for longer approach,which has significantly increased the cost of debt-financed deals.With interest rates squeezing returns,dealmakers are forced to focus more on the potential value creation within each transaction to justify higher costs.Inflation,supply chain disruptions,and elevated debt cost

7、s have compounded these challenges,slowing the pace of dealmaking,particularly in capital-intensive sectors.A number of significant elections across the globe have added to the uncertainty in the market.With over 97 elections scheduled in 2024 including those in the United States,United Kingdom,Euro

8、pean Union,and India M&A activity has been decidedly more cautious as businesses assess the potential long-term impacts of political changes.However,its not all been negative.Events like the Euros,Olympics and Esports World Cup have provided pockets of economic optimism,particularly in sectors such

9、as advertising and branding,where companies positioned themselves to capture growth during these major global events.Zooming in,the US continues to dominate the global M&A market,with over 40%of all deals targeting US-based companies.This dominance underscores the countrys central role in driving in

10、novation across advertising,entertainment,and technology in global markets,positioning the US as a focal point for international dealmakers.As we move through 2024,its clear that the dealmaking environment,while challenging,presents significant opportunities for those willing to adapt.The past two y

11、ears of uncertainty have set the stage for transformative shifts across industries,with the pace of change and technological advancements driving new strategies and cross-industry partnerships.Looking ahead,this moment is poised to be a turning point for both buyers and sellers,as they look to seize

12、 emerging trends and opportunities.Read on to learn more about the key opportunities emerging this year.I hope you enjoy issue H1 2024.Andy VinerPartner,Global Head of Media and Entertainment andrew.vinerbdo.co.ukmediatalk|H1 20241Global trends Advertisings modern heyday Its no secret that advertisi

13、ng has undergone a profound transformation over the last decade,redefining itself to meet the needs of new platforms,technologies and shifting consumer behaviours.This transformation is evident in the sectors dominant position in the media landscape,with advertising accounting for 58%of deals in the

14、 US and 51%in Western Europe,taking a significant portion of the overall US$60 billion disclosed deal value in 2024.Lets take a look at the driving factors behind advertisings evolution.Technology driving changeCentral to the sectors transformation is the impact of technology.Artificial Intelligence

15、(AI)has become increasingly pivotal in the advertising sector as businesses seek to extract greater value from their marketing investments.Agencies now employ AI for everything from optimising ad placements to predictive analytics,allowing them to forecast consumer behaviours and preferences with re

16、markable accuracy.The proliferation of big data is also being widely utilised,allowing advertisers to gain deeper insights into consumer behaviour.Augmented Reality(AR)and Virtual Reality(VR)are also on the scene,creating immersive and interactive experiences that allow consumers to engage with prod

17、ucts in virtual environments,opening new avenues for storytelling and consumer interaction.Percentage advertising deals by region4%14%15%15%39%United StatesUnited KingdomAsia PacificAustralasiaCanadaWestern EuropeCentral and Eastern EuropeLatin AmericaSouth AsiaAfricaMiddle East3%(1%each)2%4%3%media

18、talk|H1 20242E-Commerce and the mobile-first eraRecent research reveals that Americans check their mobile phones around 140 times a day,with 89%doing so within ten minutes of waking up and over 60%even during the night.This constant interaction has made mobile and in-app advertising crucial for reac

19、hing consumers.The Google Play store,with its vast array of over 2.8 million mobile apps,underscores the enormous potential of in-app advertising.This consumer shift has in turn paved the way for a surge in e-commerce,as platforms initially designed for content consumption have seamlessly integrated

20、 shopping functionalities.TikTok,once known primarily for its viral content,is a great example of this,having emerged as a major player in e-commerce by incorporating advertising with its search engine and transaction-generation capabilities.We can see the growing value of e-commerce and in-app adve

21、rtising in deals such as Sweden-based Verve Groups acquisition of US mobile advertising specialist,Jun Group Productions,for US$185 million this year.Read our section on The Growing Influence of the Creator Economy to learn more about global influencer trends.Influencer-Led AdvertisingInfluencer-led

22、 advertising continues to expand as brands increasingly rely on digital-based personalities to connect with their audiences.A growing number of big deals in this space reflect the shifting importance of personality-driven advertising,where influencers have become trusted figures for recommending pro

23、ducts and brands.Virtual influencers,in particular,offer a unique value proposition:they can be customised to fit a brands specific image and messaging,and unlike human influencers,they are available 24/7 for content creation.mediatalk|H1 20243Global trends Esports and gaming enter the raceThe annou

24、ncement of the Olympic ESports Series in 2025 by the International Olympic Committee(IOC)signals a watershed moment for e-sports,legitimising it as a global competitive activity.As e-sports gains mainstream recognition,its expected to drive increased attention,investment,and commercial opportunities

25、 in the form of sponsorship deals,viewership rights,and gaming-related marketing opportunities.There is little doubt that companies will increasingly look to align their brands with e-sports as it continues to grow into a globally recognised entertainment sector.Here are some of the key opportunitie

26、s set to arise from e-sports.Increased M&A activity in e-sports marketingAs e-sports rapidly expands,its marketing landscape is experiencing a surge in investment and strategic interest.Companies are increasingly recognising the unique potential of e-sports to engage with a highly engaged and digita

27、l-first audience,with the industry becoming a key platform for digital transformation and creative branding initiatives,especially among younger consumers.mediatalk|H1 20244Potential for cross-sector opportunitiesThe rapid momentum behind e-sports also opens up cross-sector opportunities across the

28、media,technology,and advertising industries.With e-sports boasting a huge and growing following,there is potential for major advertising sponsorships,events management,and personality branding.The sectors natural appeal to younger,tech-savvy audiences makes it an ideal platform for brands to reach a

29、 demographic that is increasingly hard to engage through traditional media channels.Additionally,opportunities for collaboration across sectors such as fashion,technology,and even education are emerging,as brands seek to associate with popular e-sports events and personalities to enhance their marke

30、t presence.Content creation and digital innovationContent creation and digital innovation are becoming central to the evolution of the e-sports industry.As the sector grows more immersive and digitally integrated,the development of advanced technologies like 3D environments and virtual reality is pl

31、aying a pivotal role in enhancing fan engagement.These innovations allow for interactive experiences that captivate both players and viewers,setting new standards for how content is consumed within the e-sports ecosystem.This shift underscores the increasing importance of visually compelling and imm

32、ersive formats,as brands seek to leverage cutting-edge digital tools to expand their reach and remain relevant in this rapidly evolving landscape.mediatalk|H1 20245Global trends The growing influence of the creator economyIntroducing virtual influencersVirtual influencers,also known as V-Tubers,are

33、entirely digitally created personas that are reshaping the digital marketing landscape.Unlike traditional influencers who are real people interacting with audiences online,virtual influencers are computer-generated characters designed to engage audiences,especially younger,tech-savvy demographics.Th

34、is emerging trend has sparked significant investment and innovation,with companies increasingly focusing on the creation and management of these artificial figures.The demand for immersive digital experiences has positioned virtual influencers as key players in the creator economy,offering unique wa

35、ys for brands to connect with their audiences.These digital personas are also gaining prominence within the metaverse a fully immersive 3D digital space where users interact through avatars.Virtual influencers are at the forefront of this shift,hosting virtual concerts,leading brand campaigns,and pa

36、rticipating in digital events.Their rise signals a broader movement toward virtual content and metaverse-driven experiences,which are set to play a larger role in entertainment,social media,and marketing as the technology continues to evolve.The surge in investments and acquisitions related to influ

37、encers reflects a broader industry shift towards embracing digital content and the metaverse.With virtual influencers leading the way,businesses are recognising the value in engaging audiences through immersive,personality-driven experiences that transcend geographical boundaries.As the creator econ

38、omy grows increasingly data-driven and globalised,virtual influencers are set to play an even more prominent role in shaping the future of advertising and digital engagement.Heres how creators and virtual influencers are creating value across borders.mediatalk|H1 20246Monetisation of the creator eco

39、nomyAs the creator economy matures,there is a growing focus on monetising influencer marketing through more advanced,data-driven approaches.Companies are now using sophisticated data tools to analyse the performance of influencers and to fine-tune advertising campaigns,ensuring that content resonate

40、s with the right audience and drives measurable engagement.This data-driven focus is expected to further fuel investment with influencers in niche marketplaces as brands seek to maximise the value of their partnerships with online personalities.Globalisation of the creatives and influencersThe globa

41、l nature of the creator economy is another driving force behind its growth.These online personalities are not limited by geography,which enables brands to leverage their appeal across international markets.Cross-border investments in virtual content creation are growing,with businesses looking to ha

42、rness the influence of creators and influencers to reach diverse,global audiences.Virtual influencers meanwhile,can effortlessly bridge cultural and linguistic divides,allowing companies to expand their reach to new regions and consumer bases without the constraints faced by traditional marketing.Th

43、is is evident in the rise of collaborations across multiple platforms,languages,and countries,as companies invest in influencers and virtual personalities that can resonate with audiences on a worldwide scale.mediatalk|H1 20247Global trends How traditional media formats are adapting Lets take a clos

44、er look at the publishing and broadcast landscape.While digital platforms and technologies dominate the current media landscape,traditional media formats such as broadcasting and publishing are far from obsolete.Indeed,traditional publishing and broadcasting remained active sectors in H1 2024,partic

45、ularly in Europe.These formats continue to play a crucial role in the media landscape,adapting through consolidation,digital innovation,and a focus on diverse content offerings.Percentage broadcasting deals by region7%7%8%13%12%44%United StatesWestern EuropeAsia PacificUnited KingdomSouth AsiaLatin

46、AmericaAfricaCentral and Eastern EuropeAustralasiaCanada1%9%(3%each)mediatalk|H1 20248Consolidation and high-value transactionsTraditional broadcasting is experiencing a wave of consolidation as companies aim to expand their content libraries to compete with digital networks.High-value deals across

47、multiple regions reflect a trend toward building larger portfolios to compete with digital platforms.These acquisitions allow traditional broadcasters to enhance their content offerings and maintain competitive advantages.The publishing sector is also seeing significant consolidation,particularly wi

48、thin academic and niche markets.Companies are making strategic acquisitions to bolster their digital capabilities and compete with the rise of self-publishing and digital content.For example,Bloomsbury Publishings acquisition of academic publisher Rowan and Littlefield for US$76 million demonstrates

49、 a focus on expanding digital content delivery and strengthening their market position.mediatalk|H1 20249Licensing and multimedia demand The demand for multimedia content and intellectual property continues to grow,as traditional media companies make significant investments in acquiring valuable vis

50、ual assets to expand their content libraries.At the same time,acquisitions in niche areas showcases the importance of licensing and specialised content as a means of expanding reach.By expanding their content libraries with assets tailored to specific audiences,companies can better serve the needs o

51、f broadcasters and enthusiasts,ultimately driving both engagement and revenue.Diversification and cultural Representation A growing focus on content diversity and multicultural representation is also present.M&A activity is increasingly targeting multilingual and culturally specific content provider

52、s to meet the demand for more inclusive programming.By investing in diverse content,traditional broadcasters are expanding their reach to underserved audiences,ensuring they remain relevant in an evolving media landscape.mediatalk|H1 202410Market analysis H1 2024 Global Media M&A:Top Acquiror Region

53、sH1 2024 Global Media M&A:Transactions by subsectorH1 2024 Global Media M&A:Top Target by Region7%9%19%16%26%23%PublishingDigital mediaBroadcasting and contentPublic relationsAdvertisingMarketing services3%3%4%4%3%12%15%16%40%United StatesAustralasiaWestern EuropeCanadaAsia PacificUnited KingdomCent

54、ral and Eastern EuropeOtherSouth Asia2%2%3%3%3%10%15%20%42%mediatalk|H1 202411Market analysis United StatesIn the first half of 2024,the United States solidified its role as the powerhouse behind global media M&A activity,outpacing other regions even amid a broader global slowdown.US-based targets w

55、ere involved in 40%of all deals,while nearly the same percentage 39%featured American acquirers.This underscores the sheer size and influence of the US in driving media acquisitions worldwide,as the nation continues to set the pace in shaping the industry.40%of deals acquired US-based targets13%of d

56、eals were related to broadcasting39%of all deals globally involved a US-based acquirer58%of deals were related to advertising2024A notable shift in 2024 was the resurgence of the advertising sector,which made up 58%of all announced deals in the US.One of the marquee transactions in this space was th

57、e sale of Simon Property Groups remaining 10%stake in Authentic Brands Group(ABG)in May.ABG,the worlds largest sports and entertainment licensing company,had already made waves earlier in the year with strategic acquisitions,including a stake in British sports publisher Minute Media and its long-ter

58、m licensing rights to publish Sports Illustrated.With Sports Illustrated boasting a combined reach of over 20 million weekly readers and subscribers,this acquisition not only bolstered ABGs content portfolio but reaffirmed the value of legacy media brands in a digital-first world.Broadcasting M&A,th

59、ough a smaller segment,still accounted for 13%of US deals in H1.Among these was MediaCo Holdings acquisition of Estrella Medias content and digital operations,a move that highlights the growing economic and cultural influence of the Hispanic market.Estrella Media,a Spanish-language broadcaster,is pa

60、rticularly significant given that if the US Latino economy was ranked as a standalone entity,it would be the fifth largest in the world by GDP.As both major political parties prepare for the 2024 Presidential election,the importance of reaching Hispanic voters has made this acquisition even more val

61、uable,with Estrella Media positioned to become a key player in the election cycle through its targeted content and voter engagement campaigns.Beyond broadcasting and advertising,2024 also witnessed the trading of well-known digital media brands.In March,Paste Media Group added The A.V.Club,a pop-cul

62、ture and satirical media site,to its growing portfolio.This deal follows Pastes earlier acquisitions of feminist magazine Jezebel and the political news site Splinter,marking a clear trend of consolidation in the digital media landscape,as companies seek to build diverse portfolios across entertainm

63、ent,politics,and culture.The US at a glanceAnother key transaction in H1 was Pan Communications acquisition of Indianapolis-based ad agency BlastMedia.This merger,which led to the rebranding of the firm as PAN Blast,reflects the convergence of advertising,PR,and tech-focused marketing services a gro

64、wing trend as brands seek to leverage integrated communication strategies in a highly competitive market.mediatalk|H1 202412Market analysis United Kingdom The UK media M&A landscape saw a broad range of activity across key sectors in H1,with advertising,broadcasting,and publishing standing out as pr

65、imary areas of focus.Overall,the deals involved a nearly even split between domestic and international buyers,underscoring the UKs appeal as a global hub for media transactions.12%of deals acquired UK-based targets21%of deals were related to publishing and media licencing36%of deals focused on adver

66、tising and marketing26%of deals were related to broadcasting and content 2024The U.K.at a glanceThe advertising and marketing services sector took the lead,accounting for 36%of all UK media deals.Both UK and foreign buyers were active,reflecting the cross-border appeal of British marketing firms.One

67、 of the standout transactions was Charterhouse Capital Partners acquisition of London-based sports marketing firm Two Circles for approximately US$315 million,a move that underscored the ongoing value of sports-related media.mediatalk|H1 202413Broadcasting and content deals comprised 26%of UK transa

68、ctions,with a strong mix of domestic and international acquirers.One of the most notable deals was the US investment group RedBird IMIs acquisition of the UKs All3Media for US$1.5 billion in February.All3Media,a major force in television production,attracted significant international interest,illust

69、rating the ongoing appeal of British content in the global market.Another key deal from January saw TBD Media,a prominent UK documentary producer,snapped up by London-based Acumen International Media,signalling a consolidation trend in the content creation space.In publishing and media licensing,bot

70、h domestic and international buyers sought to capitalise on the sectors growth.In May,UK private equity firm Intermediate Capital Group acquired a significant stake in Law Business Research for around US$850 million,underscoring the value of specialised information services in todays data-driven eco

71、nomy.Additionally,US-based Getty Images expanded its UK footprint by acquiring multimedia library Autosport Media in April,marking another step in the consolidation of visual media assets.UK Media Sector:All M&A Deal volumes and values(2004 H1 2024)200450,000010,00020,00030,000Value of deals(GBP,m)N

72、umber of deals(GBP,m)40,000250050100150200200520062007Number of dealsDisclosed value of deals(GBP,m)20082009201020112012201320142015201620172018201920202021202220232024 H1mediatalk|H1 202414Public relations took a smaller but still notable portion of focus,accounting for 10%of UK deals.A major move

73、in this sector occurred in June when US-listed Public Policy Holding Co acquired UK-based Pagefield Communications for approximately US$22 million.This deal reflects the growing demand for PR and public affairs services,especially as businesses navigate increasingly complex political and regulatory

74、environments.Similarly,UK firm Cavendish Consulting expanded its portfolio by acquiring Belfast-based MCE in April,demonstrating an ongoing trend of consolidation within the PR industry.And finally,digital media continued to draw interest responsible for 7%of UK deals,particularly from domestic buye

75、rs.One notable example was the acquisition of reputation intelligence monitoring company Social360 by Signal Media,a UK-based online media monitoring service provider.This acquisition signals a growing demand for technology-driven media monitoring solutions,as companies seek more sophisticated tools

76、 to track and manage their reputations in an increasingly digital world.mediatalk|H1 202415Market analysis Western EuropeWith some exciting transactions in the emerging e-sports and digital content space,Western Europe maintains a strong presence across a wide range of traditional and up-and-coming

77、sectors,with 16%of global deals targeting the region.Western European companies were also active buyers in the first half of 2024,instigating 20%of deals in H1 and further cementing the regions importance in the media landscape.16%of deals acquired Western Europe-based targets20%of all deals globall

78、y involved a US-based acquirer51%of deals were focused on advertising2024Western Europe at a glanceAdvertising deals made up over half of all Western European media transactions so far this year.France led the way,representing 21%of these deals,closely followed by Germany at 15%.One of the regions s

79、tandout deals was in the burgeoning e-sports sector in June,when Singapore-based Nodwin Gaming International acquired German e-sports marketing company Freaks 4U Gaming for over US$32 million.Another notable example was the acquisition of Tessellation Studios by Basque firm Aski-da Taldea in April.T

80、essellation Studios specialises in 3D content for media,television,e-sports,and corporate communication,signalling the increasing importance of immersive and interactive content in branding and marketing.Traditional advertising,meanwhile,also remained an attractive target.In May,Swiss newspaper publ

81、isher Neue Zrcher Zeitung acquired outdoor advertising company APG|SGA for US$182 million,showcasing the enduring value of conventional advertising platforms in the region.This is further reflected by the earlier acquisition of Icelandic telecom company Sminn by advertising firm BBI for US$37 millio

82、n in January.While broadcasting and content-related deals made up a smaller portion of M&A activity,they featured some of the largest transactions of the year.In February,French digital music publisher Believe received a US$1.44 billion offer from a consortium led by EQT and ICMI for a majority stak

83、e,reflecting the global interest in digital music publishing and content creation.Similarly,the rise of electronic dance music(EDM)was underscored by the April acquisition of Cloud 9 Music by Dutch investor Beat Music Fund,a subsidiary of Armada Music.Known for its EDM roots,Armada Musics move hints

84、 at the rising demand for niche and emerging music genres in Western Europe.mediatalk|H1 202416Market analysis Asia PacificThe Asia Pacific(APAC)region remains a vibrant centre for media M&A activity,with advertising continuing to dominate the space.The regions appeal was further boosted by ongoing

85、interest in South Korean entertainment and innovative digital media trends,notably the rise of virtual content creators.15%of deals acquired Asia Pacific-based targets60%of deals were related to advertising60%of Asia-Pacific deals were Japanese targets2024APAC at a glanceJapans advertising market pr

86、oved to be a key focal point in H1 2024,solidifying its position as the epicentre of M&A in APAC.Among the more intriguing deals was Brave Groups January acquisition of Smarprise,a company specialising in production services for virtual YouTubers(V-Tubers),from Game 8,a subsidiary of Gunosy,for US$2

87、.7 million.Brave Groups move underscores Japans role in advancing virtual and immersive content creation as the metaverse continues to gain traction globally.South Koreas entertainment sector also attracted considerable attention,reflecting its ongoing influence on global pop culture.In March,South

88、Korean entertainment giant HYBE acquired a US$78 million stake in SM Entertainment,a key player in K-pop and global music.Just two months later,in May,Mirae Asset Securities made headlines by announcing its intention to purchase a 2.6%stake in HYBE,valued at around US$160 million.These deals highlig

89、ht the robust demand for South Korean entertainment assets,as K-pop and other Korean cultural exports maintain their global appeal.While Japan and South Korea took centre stage,the broader APAC region continues to be a hotbed for innovative media deals.The combination of traditional advertising deal

90、s and new-age digital content acquisitions suggests that APAC will remain a major player in the global media landscape.With the advertising sector at its core,the region is also pushing the boundaries of entertainment and digital content,driven by both local and international demand.As M&A activity

91、in the region continues to evolve,APAC is expected to see further growth in these dynamic sectors throughout 2024 and beyond.mediatalk|H1 202417Market analysis Rest of the world Deals outside the major markets of North America,Europe,and Asia-Pacific continue to trend toward regional expansion and c

92、ross-border acquisitions.Despite contributing a smaller share to the overall disclosed deal value,these deals support the increasing globalisation of the media space.Of the nine deals recorded in South America,Brazil led the activity with deals such as North Star Networks acquisition of the Brazilia

93、n sports news and analysis publisher Um Dois Esportes in April along with its earlier purchase of the Chilean sports media publisher AlAireLibre.Both deals signal a clear focus on the sports media market in the region,with North Star Network positioning itself to tap into the passionate sports cultu

94、re that defines much of Latin American entertainment.Africa meanwhile saw a significant share of global deal value,largely driven by Groupe Canal Plus proposed acquisition of the remaining shares in MultiChoice Group,one of Sub-Saharan Africas largest satellite TV and entertainment companies.This de

95、al,estimated at US$2.8 billion,emphasises the value of African media assets as international players continue to recognise the continents growth potential in entertainment.Another notable deal in Africa was Universal Music Groups offer to acquire a majority stake in Nigerias Mavin Records,reflecting

96、 the global demand for Afrobeats music.This genre,with its growing international audience,has drawn the attention of major global music labels,eager to capitalise on the success of African artists and their influence on the global music scene.Crossing over to Western Asia,Saudi Arabia is looking to

97、drive investment in e-sports through the coming year.The announcement by the International Olympic Committee(IOC)of an E-sports Olympics in 2025 to be hosted by Saudi Arabia,coupled with discussions about e-sports events at future Olympic Games,promotes the regions interest in this emerging market.S

98、overeign wealth funds,including Saudi Arabias Public Investment Fund(PIF)and Abu Dhabis ADIA Fund,have already begun to explore investments in e-sports events,teams,and game development,highlighting the regions ambition to become a global leader in the rapidly expanding e-sports industry.25.1%Africa

99、 global disclosed deal value0.1%South America global disclosed deal value2.2%Australia and New Zealand global disclosed deal value 1.4%Eastern Europe global disclosed deal value2024The rest of the world at a glancemediatalk|H1 202418Corporate M&A activity Corporate M&A activity showcased a diverse a

100、rray of sectors in H1 2024,ranging from advertising and marketing services to entertainment and digital innovation.While some of the worlds largest advertising agencies were more reserved in their deal-making,Frances Havas stood out as one of the most active,while other corporations outside the trad

101、itional media landscape also made strategic moves.London-based WPP had a relatively quiet H1 2024,marked by a single acquisition in February.The company secured a minority stake in the Germany-based advertising agency Oh-So Digital for an undisclosed sum.However,Frances Publicis demonstrated more vi

102、gour with a series of strategic acquisitions.In February,Publicis joined a US-led consortium to acquire Israeli app developer Bria AI,a firm known for its AI-driven image generation technology.This was followed by the June acquisition of Downtown Paris,an art and brand creation house,further expandi

103、ng Publiciss creative offerings.Among the advertising industrys Big 6,Havas has been the most dynamic.Together with parent company Vivendi,Havas made two notable acquisitions in the business-to-business(B2B)marketing space:UK-based Ledger Bennett in February and the advertising firm Liquid in May,bo

104、th for undisclosed amounts.Havas also strengthened its digital capabilities by acquiring social media agency Wilderness in March and digital transformation specialist TED Consulting in April.These deals highlighted Havass commitment to digital marketing and transformation,keeping pace with changing

105、industry dynamics.mediatalk|H1 202419Interestingly,corporate M&A activity extended into new realms like AI and Web3.In a notable deal from the insurance sector,The Phoenix Group acquired a 12.5%stake in Dubai-based AI and Web3 startup RektStudios for US$2.5 million.RektStudios has built a reputation

106、 for its work in game conceptualisation and development,showcasing the growing interest in AI-driven and Web3 solutions across industries.This deal illustrates how industries like insurance are increasingly looking to invest in cutting-edge technologies to stay ahead of digital transformations.The I

107、ndian media landscape also saw significant corporate manoeuvring.In February,Star India,a major player in Indian entertainment,acquired the media operations of Viacom18.This was followed by Reliance Industries May announcement of its intention to acquire Paramount Globals stake in Viacom18 for over

108、US$500 million.These moves reflect the consolidation occurring in Indias dynamic media sector,where global players and domestic giants are vying for control of valuable media assets.mediatalk|H1 202420Private EquityPrivate equity(PE)-backed activity was relatively subdued in the first half of 2024,m

109、aking up just over 10%of total deals.However,despite the lower volume,the PE deals that were announced provide a snapshot of the global trends within the sector,including gaming,crossover advertising and digital content.A significant portion of the activity centred around US-based companies,which at

110、tracted 40%of PE-back deals and more than two-thirds of the disclosed deal value.This was followed by the United Kingdom,which attracted 12%of the deal flow.The themes of digital content,marketing,analytics,and advertising were at the forefront of many of these deals.Among the notable transactions,S

111、ilchester International Investors made waves in February by acquiring a 5%stake in ITV,one of the UKs most prominent television broadcasters,for a sum rumoured to be around US$150 million.This investment reflects the continued importance of established media brands adapting to new digital landscapes

112、.Another standout deal came from the gaming sector,where CVC Partners and Haveli Investment Management joined forces to acquire Cambridge-based video game developer Jagex from The Carlyle Group in a transaction valued at approximately US$1.14 billion.Known for its flagship MMORPG series,RuneScape,Ja

113、gex boasts an active user base of over 2.4 million subscribers.This acquisition confirms the enduring appeal of the gaming sector,particularly companies with established communities and recurring revenue models.An interesting crossover between social media,advertising,and the growing demand for onli

114、ne anonymity was evident in the May acquisition of Germanys LAYZR by The Jodel Venture.LAYZR,a producer of NFT trading cards centred around sports,e-sports,and entertainment,was acquired for an undisclosed sum.Jodel,a social media platform focused on hyper-local news and event feeds,highlights the i

115、mportance of localised content delivery and anonymous online interaction in todays digital age.Data and analytics also drove one of the largest PE-backed deals of the first half of 2024.In a significant move,BlackRock acquired London-based financial technology and analysis company Preqin for a massi

116、ve US$2.5 billion.Preqin,known for its data and insights into alternative assets,reflects the increasing demand for actionable financial data,as private equity investors look to gain a competitive edge in a rapidly evolving market.mediatalk|H1 202421Mid-market activity Approximately 26%of all deals

117、with a disclosed deal value were in the mid-market defined as transactions ranging from US$13 million to US$400 million.These deals reflected broader trends in the global M&A market,showcasing the ongoing appeal of traditional media formats while simultaneously highlighting the increasing importance

118、 of digital platforms,mobile advertising,and data analytics.While advertising deals dominated in terms of volume,the largest portion of disclosed deal value was seen in the broadcasting and content space.Mid-market advertising transactions covered a broad spectrum,from traditional outdoor and print

119、advertising to cutting-edge digital marketing and analytics.A major highlight in the outdoor advertising sector was Bell Medias acquisition of OUTFRONT Medias Canadian operations,a significant player in the North American outdoor media market.The June deal,valued at US$297 million,underscores the en

120、during appeal of outdoor advertising,particularly in North America,where physical media still commands attention.Meanwhile,in the digital advertising arena,Swedens Verve Group made headlines in January by acquiring US-based mobile advertising specialist Jun Group Productions for US$185 million,refle

121、cting the growing importance of mobile and in-app advertising.Further highlighting the importance of data-driven marketing,BarkleyOKRP acquired Adlucent,a digital marketing and analytics company,for US$42 million in May.This acquisition highlights the need for brands not only to create advertising c

122、ontent but also to measure its impact effectively in a highly competitive digital landscape.Traditional media continued to play an essential role in the mid-market.In May,Shutterstock,a major player in the global stock photography and video market,acquired Envato,an Australian stock photography and

123、video platform,for US$245 million.With Shutterstock boasting a library of over 450 million stock images,this deal enhances its multimedia offering,reinforcing the significance of visual content in todays digital world.Personality-led advertising also made a significant mark in H1,with Commerce Media

124、 Holdings acquiring the digital assets of Complex Networks for US$108.6 million in February.Complex Networks,known for its pop-culture and fashion news,continues to draw attention for its influence-driven advertising model,proving that celebrity and influencer-led content remains a powerful driver o

125、f consumer engagement and retail growth.mediatalk|H1 202422Looking forwardLooking ahead to the second half of 2024,there are clear indicators that media M&A activity will remain dynamic,fuelled by several global trends that have shaped the first half of the year.With the return of advertising,the on

126、going rise of e-commerce,the mobile-first era,the growing prominence of e-sports and gaming,and the expansion of the online creator economy,the media sector is positioned for further consolidation and growth.E-sports growth The announcement of an Esports Olympics Series in 2025,combined with discuss

127、ions about future e-sports exhibition events at the mainstream Olympics,signals the rising importance of this sector.Expect significant M&A activity across advertising,marketing,event management,and e-sports personality branding.Publishing consolidationConsolidation in the publishing sector will lik

128、ely intensify in H2 2024.The Big 5 publishers,which account for 80%of all book sales,are set to expand through acquisitions.Smaller publishers may also become prime acquisition targets for larger players,particularly as self-published books continue to trend.Private Equity expansion With over US$3 t

129、rillion in uninvested capital,private equity firms have been relatively quiet in H1 2024.However,H2 is expected to see a surge in deal activity as these firms look to invest in the right assets and technology,driving further consolidation across media and digital sectors.mediatalk|H1 202423Looking f

130、orwardSecondary markets Expect increased focus on secondary markets,especially in central and eastern Europe and South-East Asia.As traditional media markets mature,companies and investors will turn to these regions for growth opportunities and technological advancements.Online creator economy The c

131、reator economy is growing,driven by influencer-led advertising.As personality-driven content continues to resonate with audiences,brands will increasingly rely on influencer marketing and content platforms,sparking M&A in this space.E-commerce integrationE-commerce remains a critical component of me

132、dia sector growth,with brands seeking integrated solutions for advertising,sales,and customer experience.Expect further consolidation in this sector as companies strive to enhance their capabilities through acquisitions.Mobile-first era As mobile phones become further integrated into everyday life,a

133、dvertising within mobile apps is set to expand.With millions of mobile apps in the marketplace,companies will continue to capitalise on the vast potential of mobile advertising,driving M&A activity.We hope you find our insights valuable,and as always,welcome your feedback at andrew.vinerbdo.co.ukmed

134、iatalk|H1 20242442027048This publication has been carefully prepared,but it has been written in general terms and should be seen as containing broad statements only.This publication should not be used or relied upon to cover specific situations and you should not act,or refrain from acting,upon the

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140、FORMATION,CONTACT OUR DIGITAL MEDIA EXPERTS:Andy VinerAudit Partner,Global Head Of Media&Entertainmentandrew.vinerbdo.co.uk Ian McbaneBusiness Servicing&Outsourcing Partner,Head of Technology,Media&Telecomsian.mcbanebdo.co.uk Conor LambertTransaction Services Corporate Finance Partnerconor.lambertbdo.co.ukVISIT M&E