S&P: Media, Telecom M&A Plunges to 13-Month Low
S&P Global Market Intelligence has released new data showing that dealmaking in the North America for media and telecom companies remains in the doldrums.
During February 2024 there were only 96 M&A transactions worth close to $160.0 million in aggregate transaction value, making it the sector's weakest showing in M&A activity since January 2023, when there were 142 deals with an aggregate value of $65.7 million.
It also represents a sequential drop from the $1.84 billion generated from 98 transactions in January, S&P Global Market Intelligence reported.
Key findings from the newly released analysis include:
Online media company BuzzFeed Inc., through BuzzFeed Media Enterprises Inc. completed the sale of its Complex Networks business to e-commerce company Commerce Media Holdings LLC (NTWRK) on Feb. 21 for $114.3 million, making it the biggest media and telecom deal in February.
The second-biggest transaction was Llorente & Cuenca SA's acquisition of an initial 70% stake in Michigan-based strategic communications firm Lambert & Co. for $18.2 million. The deal price is based on Lambert's EBITDA performance in the next two years.
Five of the month's top 10 transactions involved the purchase of radio stations, led by Saga Communications Inc.'s $5.3 million purchase of the assets of radio stations WKOA, WKHY, WASK, WXXB and WASK, and FM translator station W269DJ from Neuhoff Communications. Kalil & Co. Inc. was the exclusive broker for the deal, which remains subject to the Federal Communications Commission's approval.
The full analysis is available here: TMT M&A Deal Tracker: Media, telecom M&A plunges to 13-month low | S&P Global Market Intelligence (spglobal.com).
