U.S. Media M&A Gross Transaction Value

NOTE: Analysis includes deals announced between Jan. 1, 2010, and Sept. 8, 2022, in which the target is in media industry that includes advertising, broadcasting, cable and satellite, movies and entertainment and publishing. Excludes terminated deals. Gross transaction value is calculated by taking the total deal value plus the target’s total debt, unconverted preferred equity and minority interest, without considering the net effects of any excess cash or short-term securities on the target’s balance sheet.