media & entertainment capital conﬁ dence barometer · oil and gas 69% consumer products and...

CapitalConfi denceBarometer

Media & Entertainment

Despite headwinds, M&E appetite for dealmaking reaches new heights

December 2015 | ey.com/ccb | 13th edition

Sectors with the highest appetite to acquire

Oil and gas 69%Consumer productsand retail 67%Mining andmetals 67%Diversifi ed industrial products 66%Power and utilities 65%

Top investment destinations

1. United States

2. United Kingdom

3. China

4. India

5. Germany

Capital Confi dence Barometer

Key M&A fi ndings

83%of executives are confi dent that the state of the global economy is improving

41%of executives are planning to allocate 10% or more of their acquisition capital to emerging markets

of executives are targeting deal sizes greater than US$250m

of executives see increased volatility in commodities and currencies to be the greatest risk to their business in the next 6-12 months

of executives expect to actively pursue acquisitions in the next 12 months

29%

59%

29%

1 Capital Confi dence Barometer |

Companies embrace sustainable M&A as deal markets generate renewed growth

Pip McCrostieGlobal Vice ChairTransaction Advisory Services

The 13th edition of our Global Capital Confi dence Barometer fi nds companies pursuing deals at a rate not seen this decade. As 2015 global M&A value approaches record highs, executives’ long-term growth considerations outweigh short-term concerns about market volatility.

With deal intentions at a six-year peak, executives’ economic optimism is steadfast, and companies are pursuing bolder, more innovative growth strategies.

In 2015 we have seen continued volatility in commodities and currencies, intense swings in equity markets and de-celerating growth in several key emerging economies. Despite these challenges, companies remain confident about dealmaking in the current macroeconomic environment.

Almost half of companies are now looking at acquisitions beyond their traditional industry boundaries, fueled by innovative disruption and changing customer preferences. Cross-border as well as cross-sector deals will also be a big part of the M&A story. The majority of potential acquirers are looking beyond their own national borders — with intentions around deals in the Eurozone strengthening.

With all signs in the deal market pointing upward, some analysts raise the prospect of a market overheating. However, executives are proceeding judiciously as they look to M&A for growth. They are conducting more thorough due diligence, including new levels of cyber risk scrutiny. And they are prepared to walk away from transactions that do not meet their strategic goals.

In short, M&A is back as an essential mechanism for generating long-term value. With global macroeconomic growth tempered and their industries perpetually challenged, executives are searching for more than organic growth. In government and global leadership circles, “sustainability” has long been a buzzword for big-picture thinking about the interdependence of nations and resources to support development worldwide. In their way, executives are pursuing their own form of corporate sustainability, reimagining their businesses to both safeguard the last decade’s cost-reduction rigor and build the next decade’s platform for growth.

2 | Capital Confi dence Barometer

Key Media & Entertainment M&A fi ndings

81% of executives are confi dent that the state of the global economy is improving

36%of executives are planning to allocate 10% or more of their acquisition capital to emerging markets

of executives see increased volatility in commodities and currencies to be the greatest risk to their business in the next 6-12 months

36%

of executives expect to actively pursue acquisitions in the next 12 months59%

of executives are targeting deal sizes greater than US$250m22%

Deal sizes move higher as M&E companies zero in on transactions that deliver scale effi ciencies, provide access to growth markets or improve digital capabilities

John HarrisonGlobal Leader, Media & Entertainment Transaction Advisory Services

In the 13th edition of the Capital Confi dence Barometer, media and entertainment (M&E) executives are more confi dent about the global economy and key market indicators than 12 months ago. However, various cyclical and secular headwinds, such as foreign currency volatility and earnings pressure arising from the industry’s ongoing digital transformation, are tempering enthusiasm.

Despite these challenges, nearly 60% of M&E respondents expect their company to actively pursue acquisitions in the next 12 months, an increase of 20 points compared to a year ago. Further, confi dence in deal fundamentals, particularly the number and quality of acquisition opportunities, is on the rise.

Unsurprisingly, digital disruption and the accelerating pace of business innovation and market evolution continue to have the greatest impact on the strategic outlook for M&E. In terms of their M&A strategy, while a quarter of M&E executives are looking to strengthen positioning in existing markets, 75% say they’ll be looking outside of their sector to access new technologies or expand into new end-markets.

Target deal sizes are moving higher as M&E companies explore acquisitions that will “move the needle” in terms of growing scale (often in response to transactions announced by industry peers/competitors) or enhancing digital capabilities and presence. At the same time, M&E leaders remain mindful of shifts in valuations compared to business fundamentals, as well as conditions in the equity and debt capital markets that are critical to acquisition funding.

In addition to acquisitions, M&E players with diversifi ed businesses are reviewing their portfolios on a regular basis to determine whether capital and management resources are being allocated to the most promising opportunities. In some cases, the strategic review will lead to transactions that re-shape the portfolio and re-position the company for future growth.

As M&E executives look forward, they overwhelmingly expect the global M&A market to remain strong in the year ahead. To thrive in an era of rapid industry change where scale is often a key advantage, an active M&A strategy will complement execution in the core.

Finally, I would like to recognize Tom Connolly, who is retiring from EY in December 2015 after more than 20 years of dedicated service to our clients and the organization. Tom was instrumental in building EY’s M&E practice, and is a friend and mentor to many across our organization and throughout the industry. We will miss Tom and wish him the best in his retirement.

3 Capital Confi dence Barometer |

Macroeconomic environmentOverall, M&E respondents are more positive in the global economy than they have been in the last three survey reporting periods. Further, despite the short-term challenges they face, M&E companies see M&A as a strong component of their strategic agenda in the existing macroeconomic environment.


81%of M&E executives are resilient in

their economic outlook.

Macroeconomic environment

5Capital Confi dence Barometer |

Confi dent outlookOn the whole, M&E executives see operating fundamentals and the markets as being strong and improving. However, challenges such as structural changes related to digital transformation and the strong dollar are impacting the outlook on corporate earnings in the short term. The continued growth of cross-platform consumption across M&E, combined with the rise of new players that rapidly achieve scale, is placing pressure on a number of established M&E verticals.

Currency volatility remains a signifi cant economic riskMore so than executives across industries globally, M&E executives express concern about increased volatility in currencies and how they are impacting both short-term results and long-term strategic planning.

Currency fl uctuations appear to have a greater impact on M&E companies than in other industries largely because many of the costs associated with doing business are in US dollars, yet their revenue streams are increasingly international.

1%Oct 15

23%

Apr 15

21%21%

56%

11%

58%

Oct 14

45%

34%

18%

Stronglyimproving

Modestlyimproving

Stronglydeclining

Modestlydeclining

Stable

2%1%

1%4%

4%

What do you believe to be the greatest economic risk to your business over the next 6-12 months?Q:

Improving Stable Declining

Equityvaluations

Short-termmarket stability

Creditavailability

Corporateearnings

82% 76% 44% 76%

Oct 14 Apr 15 Oct 15 Oct 14 Apr 15 Oct 15 Oct 14 Apr 15 Oct 15 Oct 14 Apr 15 Oct 15

17%23%

52%

20%

64%

27%

9%

83%

16%

1%

56%

36%

8%

77%

19%

4%1%

74%

23%

3% 1%

62%

35%

3% 4%

50%

49%

1% 4%

56%

40%

4%

Please indicate your level of confi dence in the following at the global level.Q:

Increased volatility incommodities and currencies

Slowing growth in keyemerging markets

Economic and politicalsituation in the eurozone

Increased global andregional political instability

Timing and pace of interestrate rises in the US

20%

14%

7%

23%

36%

M&E executives remain bullish on fundamentals despite recent market volatilityHaving grown accustomed to a low growth environment, M&E executives continue to express confi dence in global economic trends.

More than 80% of M&E respondents see the global economy either modestly or strongly improving, a signifi cant shift from a year ago.

What is your perspective on the state of the global economy today?Q:

Although the focus continues to shift toward operational effi ciency for a majority of M&E executives, more than half (58%) plan on allocating available capital to organic and inorganic growth.

Unsurprisingly, digital disruption continues to have the greatest impact on M&E respondents’ core business and acquisition strategies, as M&E executives seek to focus on targeted transactions that either deliver scale effi ciencies or enhance their digital capabilities and presence.

Corporatestrategy


58%of M&E executives are focused on

cost reduction and operational effi ciency over the next

12 months.


Corporate strategy

Which of the following has been elevated on your boardroom agenda during the past six months?Q:

What is the primary focus of your company’s organic growth over the next 12 months?Q:

0 5 10 15 20 25 30

29%

24%

27%

9%

6%

4%

1%

Portfolio analysis, including strategicdivestment (spin-off/IPO)

Increased volatility incommondities and currencies

Cybersecurity

Reducing costs/improving margins

Regulatory and competition/antitrust oversight

Aquisitions

Shareholder activism, includingreturning cash to shareholders

0 5 10 15 20 25 30 3 Acquisition strategyCore business

Digital future: Technology is disrupting all areas of enterprise, driving

myriad opportunities and challenges

Entrepreneurship rising: Entrepreneurship around the world is growing, driving the need

for more supportive ecosystems

Global marketplace: Economic power continues to shift east and south, driving new patterns

of trade and investment

Health reimagined: Technology and demographics converge to drive a once-in-a-lifetime

transformation of health services and provision

Resourceful planet: Growing demand and shifting supply are driving innovation

in the energy and resources space

Urban world: Effective infrastructure investment and sound planning will make

future cities competitive and resilient

31%

25%

29%

13%

26%

20%

7%

13%

3%

10%

4%

19%

Portfolio optimization becomes a boardroom priority for M&E companiesAs the pace of change accelerates across the M&E landscape, companies are mindful of where they should be investing. They’re taking their time to consider which assets they should have in their portfolios and strategically divesting non-core assets to optimize available capital to pursue acquisitions that will help grow the business.

Meanwhile, as we saw earlier, greater currency volatility is on the boardroom agenda as it impacts the outcomes of cost reduction initiatives and bottom line objectives.

M&E companies take a balanced approach to capital allocationMuch like their global counterparts, M&E companies are balancing their allocation of available capital almost equally among organic growth (such as investing development of new technologies and IP), acquisitions and debt reduction.

Companies with the most active capital allocation processes consistently outperform those with more passive allocation approaches.

Rapid innovation around the world is driving M&E core business and M&A strategySpurred on by the convergence of social, mobile, cloud and big data, as well as the growing demand for anytime, anywhere access, digital technologies are impacting all aspects of the M&E enterprise, across sub-sectors and geographies.

At the same time, entrepreneurship, frequently focused on digital/mobile-only products and services, is resulting in accelerating innovation and forcing change to long-established M&E ecosystems (and strategies). The growing economic infl uence of China, India and the Asian economy more broadly, as well as their population shifts toward large urban centers, is also expected to affect core business and acquisition strategies.

What percentage of available capital will you allocate to each of the following?Q:

Debt reduction

Organic growth (e.g., investing in products,talent retention, research and development)

Inorganic growth(e.g., acquisitions, alliances and JVs)

Returning cash to shareholders

27%

13%

29%

31%


M&AoutlookM&E executives overwhelmingly expect the M&A market to remain strong in the year ahead, with a prominent shift in the M&A outlook from “stable” to “improving” since October 2014.

59%of M&E companies intend to pursue acquisitions in the

next 12 months.


M&A outlookM&A outlook

Please indicate your level of confi dence in the following at the global level.Q:

Do you expect your company to actively pursue acquisitions in the next 12 months?Q:

M&E executives feel confi dent overall about deal fundamentalsThe increasing appetite for dealmaking comes as M&E executives report an improvement in their confi dence in both the quantity and quality of acquisition opportunities.

However, M&E executives are somewhat less optimistic about the likelihood of closing deals. This may be a result of an increase in the perceived difference in valuation between sellers and buyers compared to six months ago, or concerns in certain M&E sub-sectors about regulatory receptivity to potential transactions.

M&E companies trending toward larger deal sizesThere has been a material increase in M&E companies targeting deal sizes greater than US$250m as more companies seek transformational deals that can help them achieve scale to reach new audiences, enhance their digital presence and achieve greater effi ciencies.

That said, more than three-fourths of M&E executives are still planning complementary bolt-on deals to control costs and improve effi ciencies.

Expectations for deal activity continue to climb M&E executives continue to raise expectations in terms of deal intentions, reaching their highest levels in two years and well above the CCB’s long-term average.

What is your largest planned deal size in the next 12 months?Q:

25%

50%

59%

Expectations to pursue an acquisition

Oct 13 Apr 14 Oct 14 Apr 15 Oct 15

34% 40%

Apr 15 Oct 15Oct 14

Qualityof acquisitionopportunities

Numberof acquisitionopportunities

Likelihoodof closing

acquisitions

60%

55%

50%

71%

78%

56%

45%

37%

44%

% of positive attitudeDeal metrics

Greater than US$1bUS$250m—US$1b Less than US$250m

14%14%Oct 14 Apr 15

20%

Oct 15

0%

86%

3%

83%

2%

78%


M&A outlook

Modest shifts in perceived value gap

Perceived valuation gap between buyers and sellers increases The perceived difference in valuation between buyers and sellers has increased somewhat from six months ago. This may, in part, stem the recent equity market volatility for M&E companies.

Overall, however, the gap remains manageable — as evidenced by the robust level of deal activity in 2015 YTD — with 42% seeing a gap of 10% or less between the two parties.

Asset value expectations are moving higherAlthough two-thirds of M&E respondents see valuations staying constant over the next year, a healthy 30% see valuations increasing, a six percentage point increase from six months ago, as buyer competition may place upward pressure on prices.

How do you think seller value expectations compare to buyer expectations?Q:

The gap is small(<10%)

Somewhat higher(10%–25% gap)

(25% or more)

No gap

3%

39%

49%

Oct 15Apr 15

10%

45%

36%

9%9%

Do you expect the valuation gap between buyers and sellers in the next 12 months to:Q:

Contract

Stay the sameWiden

21%

78%

Apr 15 Oct 153%

33%

64%

1%

What do you expect the price/valuation of assets to do over the next 12 months?Q:

Decrease

Remain atcurrent levels

Increase

Oct 15

30%66%

Apr 15

24%75%

4% 1%

Increasing potential for a widening of the value gapTwo-thirds of M&E respondents see the valuation gap remaining stable or contracting over the next 12 months, a full 10 percentage points more than global respondents, who are more inclined to see values moving higher.

However, compared to six months ago, a greater percentage (33% vs. 21%) of M&E executives also expect the valuation gap to increase over the course of the next year, which may make dealmaking more complicated for some players.



M&A strategy to focus on strengthening market positionImproving market share and expanding product/service offerings are driving acquisition strategy for M&EPersistent low economic growth is leading M&E companies to consolidate in an effort to gain market share. They are also seeking to move into new product or service areas, and access new technology or IP as a means to accelerate growth.

Consistent with their focus on cost reduction, M&E executives see enhancing tax effi ciency as another driver of M&A strategy.

Access to new technologies and product innovation lead M&E companies to explore deals outside their sectorCompetition for consumer attention is propelling M&E companies to differentiate their content and IP, leading 75% of respondents to use M&A to gain access to new technologies, platforms and to innovate products to achieve a competitive edge.

Alongside their desire to outpace the competition, M&E companies are looking to acquire to simply keep up with accelerating technology changes that are having an impact across the M&E enterprise.

What are the main drivers affecting your M&A strategy over the next 12 months?Q:

What are the main challenges to your M&A strategy over the next 12 months?Q:

What is the main strategic driver for pursuing an acquisition outside your own sector?Q:

A wide range of factors impact M&A executionEven as M&E companies seek to consolidate, they face increasing buyer competition for high-quality assets, particularly as more companies have stepped off the sidelines and returned to dealmaking.

At the same time, an adverse political and economic environment, as well as poor deal execution and challenges with integration are also having an impact on the execution of transaction activity.

Gain market share in existinggeographical markets

Move into new geographical markets

Access new technology/intellectual property

Reduce costs, improve margins

Move into new geographical markets

Aquire talent

13%

9%

7%

7%

19%

26%

20%

Buyer competition (Including valuationgap between buyers and sellers)

Adverse political environment

Adverse economic environment

Deal execution andintegration capabilities

suitable targets

Funding availability

Regulatory or antitrust environment

Uncertain tax environment

17%

13%

11%

7%

0%

13%

22%

17%

Changes in customer behavior

Access to new materials orproduction technologies

Technology and digitalization

Reacting to competition

New product innovation

15%

5%

5%

35%

40%


Deal

cha

lleng

es a

nd ri

sks Signifi cant challenges still pose risks to

deal success for M&E companiesFor acquisitions completed recently, what was the most signifi cant issue that contributed to deals not meeting expectations? Q:

Product/sales price and margin deterioration

Poor execution of integration

Sales volume declines/loss of customers

Unforeseen liabilities (tax, HR, pension, etc.)

Poor operating costs assumptions

Failure to achieve synergies

Strategic value overestimated/purchase price multiple too high

25%17%14%14%10%1% 19%

Integration and margin deterioration pose the biggest challengesThree-fourths of M&E companies are looking to buy assets outside of their core business, either as a market differentiator or as a means to keep pace with the evolution in technology. As a result, they are often acquiring assets that may be diffi cult to fi t into their current operations. Integrating a new acquisition into optimized structures to realize cost synergies, or to spur growth, is a delicate exercise. This may require unbundling of key processes and rebundling to fi t the buyer’s operating model. M&E companies can exploit revenue-based synergies if the merging businesses fi nd they can command a price premium via enhanced capabilities (such as product innovation) or they boost sales volume through increased market coverage (by geographic or product-line extension). However, these same synergies can be undermined if the integration is rushed or insensitive to the acquired company’s market and culture. For example, suffi cient time must be spent on preserving acquired brand value and customer relationships.

Meanwhile, revenue and margin deterioration, and a failure to achieve synergies may refl ect insuffi cient attention to due diligence prior to the acquisition, and the use of overly optimistic deal models as M&E companies race to stay ahead of both increasing competition and the technology curve.

Heightened media attention and greater corporate awareness of cyber risk are contributing to increased scrutiny at the C-suite and board level within M&E. More than 90% of executives view cybersecurity as a signifi cant risk. Slightly fewer than 50% of M&E companies always perform cybersecurity due diligence as a standard procedure (vs. 56% of global executives). However, for those that do perform cybersecurity due

diligence (either sometimes or always), 52% do it as part of their core diligence process. Although they spend the majority of time on IT systems, M&E companies are increasing their focus outside of IT when considering cybersecurity risks to transactions. Areas of focus include supply chain agreements and systems, as well as business relationships such as customers and vendors.

Cyber-attack fears impact dealmaking

Do you perform cybersecurity due diligence on your transactions?Q:

AlwaysSometimesDon’t knowNever

3% 4%

49%44%

If so, what type of due diligence is performed? Select all that applyQ:

66% 68% 69%85%

JV/ ITsystems

Supply chain agreements/system

interfaces

Customer agreements/

system interfaces

Integration faces further pressure and risks from digitalAs M&E companies increasingly acquire digital assets with different cultural and operational models, integration becomes even more challenging. The need to retain acquired talent and expertise is paramount. Integration considerations have long needed to be part of the front-end deal strategy – now more than ever in an increasingly digital world.

Due diligence (including analytics, big data, digital

and social media diligence)

Post-merger integrations

Sourcing and selecting opportunities

There has been no impact

26%

16%

14%

44%

What part of your deal process has been most affected by advances in digital technology?

Q:



M&E companies continue to evaluate deals in emerging marketsM&E companies allocating more capital to emerging marketsAlthough the focus for M&E respondents remains on mature markets, more than one-third expects to allocate 10% or more of their acquisition capital to emerging markets — a seven percentage point increase from six months ago. Lower trending currencies in emerging markets in some cases have made these assets more attractive. That said, 10% of respondents have no plans to invest in emerging markets at all, a seven percentage point increase since April 2015.

What percentage of your acquisition capital are you going to allocate to the emerging markets in the next 12 months?

Q:

5%

10%

3%

9%

6%

7%

24%

54%

68%

14%

Above 50%

25%—50%

10%—25%

Less than 10%

None

Apr 15 Oct 15

Stronger growth in high-quality assets in the US and the UK make these mature markets popular destinations for M&E executives. However, M&E companies continue to explore opportunities in major Asia-Pacifi c countries as China, India and Australia round out the top fi ve destinations for M&E respondents.

Top fi ve investment destinations

Top destinations China United States United Kingdom India Australia


Top M&A markets and their key characteristics

M&A outlook

The United Kingdom has long been a favored destination for foreign fi rms accessing the wider European Union. With strong domestic growth in 2015, similar levels forecast through 2016 and a focus on reducing red tape, the UK should be able to maintain its unique status as a global M&A hub.

For M&E, the UK’s projection of a US$13b internet and mobile advertising market in 2017, in addition to its political stability and low regulatory risk, makes it an attractive investment destination. Deal activity is likely to remain stable as M&E companies increasingly focus on acquiring rights to compelling content and building digital businesses. Information services companies’ cash-generative and resilient business models will continue to attract M&A attention.

The M&A market in the US is expected to maintain its upward momentum and continues to be attractive to foreign investors. Positive US economic fundamentals and low interest rates are all strengthening boardroom confi dence. US companies continue to perform exceptionally: The majority of the S&P 500 beat earnings estimates in the fi rst half of 2015. This has kept investor morale up and driven M&A.

Although slipping to second in top destinations, M&E companies still see the US as having a number of high-quality targets that can give them a competitive advantage in a multi-platform world. As the value of compelling content rises, M&E companies continue to divest their non-strategic assets and re-deploy capital toward producing better content and distribute it more widely. Furthermore, companies are still favoring buying — instead of building — digital properties (such as multichannel networks) to attract highly mobile, digital-fi rst, millennials and build synergies with their existing content.

Even amid headlines over its recent economic slowdown, mainland China retains its status as an attractive destination for M&E executives. This is due to levels of growth that remain very strong relative to the global economy. The Chinese Government now targets annual growth at about 7%, down from previous rates that ranged as high as 10%. With economic rebalancing a stated Chinese policy, further investment opportunities should arise for inbound investors. As for outbound investment, lower domestic growth, combined with increasingly assertive, cash-rich Chinese companies, should compel China-based enterprises to invest capital overseas.

From an M&E perspective, the sector remains ripe for consolidation as the number of Chinese M&E players continues to rise.

China UnitedKingdom

UnitedStates


M&A outlook

Even as the outlook for many emerging markets turns negative, investor sentiment toward India is seeing a signifi cant recovery. The Indian Government’s pro-business stance and an increasingly promising economic outlook are fostering a more attractive investment landscape for inbound investment.

Several government initiatives, including the digitisation of cable television, the Phase III auctions of FM radio spectrum and an increase in FDI limits, are expected to drive growth in traditional media. India is also the second largest internet market after China with over 300 million internet users. Although digital content consumption is currently tempered by low smartphone and broadband penetration, a surge in broadband adoption is expected with the rollout of 4G services and the government’s Digital India initiative.1

While the ubiquity of media consumption has not yet translated into signifi cant industry revenue – by 2016, India’s online advertising market is forecast to be a little more than US$1 billion, while the forecast for China is in excess of US$23 billion – India is expected to become the third largest economy in the world by 2030 after the US and China.2 With a triple fold increase in GDP expected over the next 15 years, M&E industry revenues and their contribution to the GDP are expected to increase signifi cantly.

Like the UK, Australia offers relatively high nominal per capita consumer spending, political stability and low regulatory risk. Although it has a small millennial population, making it a market of limited scale from a digital perspective, there is a pent-up demand for large deals that the Australian Government is likely to unleash once it relaxes media ownership rules (currently under review). Meanwhile, M&E companies are likely to continue striking “bite-sized” deals, as well as partnerships/JVs, to build scale in traditional business and create digital revenue streams.

India Australia

1 Spotlight on India’s entertainment economy: Seizing new growth opportunities, EYGM Limited, 2011.2 “Global Forecast Model 2000-2018,” Magna Global, June 2013.

16 | Capital Confi dence Barometer16 | Capital Confi dence Barometer

Abo

ut th

is s

urve

y • In August and September, we surveyed a panel of more than 70 M&E executives; 69% were C-suite executives, 30% were senior vice-presidents, vice-presidents or directors, and 1% were heads of business units or departments. Surveyed companies’ annual global revenues were as follows: less than US$500m (21%); US$500m—US$999.9m (23%); US$1b—US$2.9b (20%); US$3b—US$4.9b (11%); and greater than US$5b (25%).

• Global company ownership was as follows: publicly listed (70%), privately owned (24%), family-owned (3%) and government/state owned (3%).

The Global Capital Confi dence Barometer gauges corporate confi dence in the economic outlook and identifi es boardroom trends and practices in the way companies manage their Capital Agendas — EY’s framework for strategically managing capital.

It is a regular survey of senior executives from large companies around the world, conducted by the Economist Intelligence Unit (EIU). Our panel comprises select global EY clients and contacts and regular EIU contributors.


M&E

con

tact

sFor a conversation about your capital strategy, please contact us:

GlobalJohn HarrisonGlobal Media & EntertainmentTransaction AdvisoryServices [email protected] +1 212 773 6122

AmericasPaul SheahenNortheastMedia & EntertainmentTransaction Tax [email protected]+1 212 773 5578

Dorian SwerdlowNortheastMedia & EntertainmentTransaction Integration [email protected]+1 212 773 6179

Dan BuchlerWestMedia & EntertainmentTransaction AdvisoryServices [email protected]+1 213 977 7654

Javier M. RoviraSouth America (excluding Brazil)Media & EntertainmentTransaction AdvisoryServices [email protected]+54 11 4875 4716

Europe, Middle East, Indiaand Africa (EMEIA)William FisherUnited Kingdom and IrelandMedia & EntertainmentTransaction AdvisoryServices Leaderwfi [email protected]+44 20 7951 0432

Dietmar KoeslingGermany, Switzerland, AustriaTelecommunication, Media & TechnologyTransactions Advisory Services [email protected]+49 89 14331 17709

Atul MehtaIndiaMedia & EntertainmentTransaction AdvisorySupport [email protected]+91 226 192 0210

Ajay ShahIndiaMedia & EntertainmentLead AdvisoryTransaction [email protected]+91 226 192 0640

Asia-Pacifi cBen KwanChinaMedia & EntertainmentOperational TransactionServices [email protected]+852 2849 9223

Ishwar MadhyasthaOceaniaMedia & EntertainmentTransaction AdvisorySupport [email protected]+61 2 9248 5865

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