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Summary of Contents
The VS&A Communications Industry Transactions Report/Third Annual Edition/July 1998

INTRODUCTION

OVERVIEW

1. MERGERS AND ACQUISITIONS

  • Value of Mergers and Acquisitions
  • Summary Data
  • Number of Mergers and Acquisitions
  • Aggregate Value of Mergers and Acquisitions
  • Average Value of Mergers and Acquisitions
  • Average Revenue Multiples
  • Average Operating Cash Flow Multiples
  • Communications Industry Operating Cash Flow Multiples by Size of Transaction
  • Operating Cash Flow Multiples and Average Transaction Size
  • Mergers and Acquisitions Valued at $1 Billion or More
  • Revenue Multiples by Operating Cash Flow Margin
  • Distribution of Top 20 Transactions
  • Distribution of $1 Billion Transactions
  • Transaction Multiples
  • Average 1997 Revenue Multiples
  • Value of Television Broadcasting Mergers and Acquisitions
  • Television Broadcasting Transaction Multiples
  • 1997 Television Broadcasting Mergers and Acquisitions
  • 1996 Television Broadcasting Mergers and Acquisitions
  • 1995 Television Broadcasting Mergers and Acquisitions
  • 1994 Television Broadcasting Mergers and Acquisitions
  • 1993 Television Broadcasting Mergers and Acquisitions
  • Value of Radio Broadcasting Mergers and Acquisitions
  • Radio Broadcasting Transaction Multiples
  • 1997 Radio Broadcasting Mergers and Acquisitions
  • 1996 Radio Broadcasting Mergers and Acquisitions
  • 1995 Radio Broadcasting Mergers and Acquisitions
  • 1994 Radio Broadcasting Mergers and Acquisitions
  • 1993 Radio Broadcasting Mergers and Acquisitions
  • Value of Cable System Operator Mergers and Acquisitions
  • Cable System Operator Transaction Multiples
  • 1997 Cable System Operator Mergers and Acquisitions
  • 1996 Cable System Operator Mergers and Acquisitions
  • 1995 Cable System Operator Mergers and Acquisitions
  • 1994 Cable System Operator Mergers and Acquisitions
  • 1993 Cable System Operator Mergers and Acquisitions
  • 1997 Direct Broadcast Satellite Mergers and Acquisitions
  • 1996 Direct Broadcast Satellite Mergers and Acquisitions
  • 1994 Direct Broadcast Satellite Mergers and Acquisitions
  • 1997 Wireless Cable Mergers and Acquisitions
  • 1996 Wireless Cable Mergers and Acquisitions
  • 1995 Wireless Cable Mergers and Acquisitions
  • 1994 Wireless Cable Mergers and Acquisitions
  • 1993 Wireless Cable Mergers and Acquisitions
  • Value of Cable Network Mergers and Acquisitions
  • Cable Network Transaction Multiples
  • 1997 Cable Network Mergers and Acquisitions
  • 1996 Cable Network Mergers and Acquisitions
  • 1995 Cable Network Mergers and Acquisitions
  • 1994 Cable Network Mergers and Acquisitions
  • 1993 Cable Network Mergers and Acquisitions
  • 1996 Pay-Per-View Network Mergers and Acquisitions
  • 1995 Pay-Per-View Network Mergers and Acquisitions
  • 1994 Pay-Per-View Network Mergers and Acquisitions
  • 1993 Pay-Per-View Network Mergers and Acquisitions
  • Value of Entertainment Mergers and Acquisitions
  • 1997 Filmed Entertainment Mergers and Acquisitions
  • 1996 Filmed Entertainment Mergers and Acquisitions
  • 1995 Filmed Entertainment Mergers and Acquisitions
  • 1994 Filmed Entertainment Mergers and Acquisitions
  • 1993 Filmed Entertainment Mergers and Acquisitions
  • 1997 Recorded Music Mergers and Acquisitions
  • 1996 Recorded Music Mergers and Acquisitions
  • 1995 Recorded Music Mergers and Acquisitions
  • 1994 Recorded Music Mergers and Acquisitions
  • 1993 Recorded Music Mergers and Acquisitions
  • 1997 Interactive Entertainment Mergers and Acquisitions
  • 1996 Interactive Entertainment Mergers and Acquisitions
  • 1995 Interactive Entertainment Mergers and Acquisitions
  • 1994 Interactive Entertainment Mergers and Acquisitions
  • 1993 Interactive Entertainment Mergers and Acquisitions
  • Value of Newspaper Publishing Mergers and Acquisitions
  • Newspaper Publishing Transaction Multiples
  • 1997 Newspaper Publishing Mergers and Acquisitions
  • 1996 Newspaper Publishing Mergers and Acquisitions
  • 1995 Newspaper Publishing Mergers and Acquisitions
  • 1994 Newspaper Publishing Mergers and Acquisitions
  • 1993 Newspaper Publishing Mergers and Acquisitions
  • Value of Consumer Book Publishing Mergers and Acquisitions
  • 1997 Consumer Book Publishing Mergers and Acquisitions
  • 1996 Consumer Book Publishing Mergers and Acquisitions
    1995 Consumer Book Publishing Mergers and Acquisitions
    1994 Consumer Book Publishing Mergers and Acquisitions
  • 1993 Consumer Book Publishing Mergers and Acquisitions
  • Value of Consumer Magazine Mergers and Acquisitions
  • 1997 Consumer Magazine Mergers and Acquisitions
  • 1996 Consumer Magazine Mergers and Acquisitions
  • 1995 Consumer Magazine Mergers and Acquisitions
  • 1994 Consumer Magazine Mergers and Acquisitions
    1993 Consumer Magazine Mergers and Acquisitions
    Value of Business-to-Business Communications Mergers and Acquisitions
  • Business-to-Business Communications Transaction Multiples
  • 1997 Business Magazine Mergers and Acquisitions
  • 1996 Business Magazine Mergers and Acquisitions
  • 1995 Business Magazine Mergers and Acquisitions
  • 1994 Business Magazine Mergers and Acquisitions
  • 1993 Business Magazine Mergers and Acquisitions
  • 1997 Trade Show and Exhibition Mergers and Acquisitions
  • 1996 Trade Show and Exhibition Mergers and Acquisitions
  • 1995 Trade Show and Exhibition Mergers and Acquisitions
  • 1994 Trade Show and Exhibition Mergers and Acquisitions
  • 1993 Trade Show and Exhibition Mergers and Acquisitions
  • Value of Business Information Services Mergers and Acquisitions
  • Business Information Services Transaction Multiples
  • 1997 Business Information Services Mergers and Acquisitions
  • 1996 Business Information Services Mergers and Acquisitions
  • 1995 Business Information Services Mergers and Acquisitions
  • 1994 Business Information Services Mergers and Acquisitions
  • 1993 Business Information Services Mergers and Acquisitions
  • Value of Professional and Educational Information Mergers and Acquisitions
  • Professional and Educational Information Transaction Multiples
  • 1997 Professional and Educational Publishing Mergers and Acquisitions
  • 1996 Professional and Educational Publishing Mergers and Acquisitions
  • 1995 Professional and Educational Publishing Mergers and Acquisitions
  • 1994 Professional and Educational Publishing Mergers and Acquisitions
  • 1993 Professional and Educational Publishing Mergers and Acquisitions
  • 1997 Training Mergers and Acquisitions
  • 1996 Training Mergers and Acquisitions
  • 1995 Training Mergers and Acquisitions
  • 1994 Training Mergers and Acquisitions
  • 1993 Training Mergers and Acquisitions
    Value of Advertising Agency Mergers and Acquisitions
  • 1997 Advertising Agency Mergers and Acquisitions
  • 1996 Advertising Agency Mergers and Acquisitions
  • 1995 Advertising Agency Mergers and Acquisitions
  • 1994 Advertising Agency Mergers and Acquisitions
  • 1993 Advertising Agency Mergers and Acquisitions
  • Value of Consumer Internet Mergers and Acquisitions
  • 1997 Consumer Internet Mergers and Acquisitions
  • 1996 Consumer Internet Mergers and Acquisitions
  • 1995 Consumer Internet Mergers and Acquisitions
  • 1994 Consumer Internet Mergers and Acquisitions
  • 1993 Consumer Internet Mergers and Acquisitions
  • Value of Specialty Marketing and Media Mergers and Acquisitions
  • Specialty Marketing and Media Transaction Multiples
  • 1997 Direct Marketing and Promotional Services Mergers and Acquisitions
  • 1996 Direct Marketing and Promotional Services Mergers and Acquisitions
  • 1995 Direct Marketing and Promotional Services Mergers and Acquisitions
  • 1994 Direct Marketing and Promotional Services Mergers and Acquisitions
  • 1993 Direct Marketing and Promotional Services Mergers and Acquisitions
  • 1997 Telephone Directory Publishing Mergers and Acquisitions
  • 1996 Telephone Directory Publishing Mergers and Acquisitions
  • 1995 Telephone Directory Publishing Mergers and Acquisitions
  • 1994 Telephone Directory Publishing Mergers and Acquisitions
  • 1993 Telephone Directory Publishing Mergers and Acquisitions
  • 1997 Out-of-Home Media Mergers and Acquisitions
  • 1996 Out-of-Home Media Mergers and Acquisitions
  • 1995 Out-of-Home Media Mergers and Acquisitions
  • 1994 Out-of-Home Media Mergers and Acquisitions
  • 1996 Specialty Publishing Mergers and Acquisitions
  • 1995 Specialty Publishing Mergers and Acquisitions
  • 1994 Specialty Publishing Mergers and Acquisitions
  • 1993 Specialty Publishing Mergers and Acquisitions
2. FINANCING
  • Value of Financing Transactions
  • Number of Financing Transactions
  • Aggregate Value of Financing Transactions
  • Average Value of Financing Transactions
  • Number of Financing Transactions
  • Aggregate Value of Financing Transactions
  • Average Value of Financing Transactions
  • Distribution of Financing, 1993-1997
  • Number of Initial Public Equity Offerings
  • Aggregate Value of Initial Public Equity Offerings
  • Average Value of Initial Public Equity Offerings
  • Value of Initial Public Equity Offerings
  • IPO Transaction Multiples
  • Average Revenue Multiple
  • Average Operating Cash Flow Multiple
  • Performance of Initial Public Equity Offerings
  • Value of Secondary Public Equity Offerings
  • Number of Secondary Public Equity Transactions
  • Aggregate Value of Secondary Public Equity Transactions
  • Average Value of Secondary Public Equity Transactions
  • Value of Public Debt Issues
  • Number of Public Debt Transactions
  • Aggregate Value of Public Debt Transactions
  • Average Value of Public Debt Transactions
  • Share of Transactions by Companies with $1 Billion or More in Revenues
  • Number of Television Broadcasting Financing Transactions
  • Aggregate Value of Television Broadcasting Financing Transactions
  • Average Value of Television Broadcasting Financing Transactions
  • Television Broadcasting Initial Public Equity Offerings
  • Television Broadcasting Secondary Public Equity Offerings
  • Television Broadcasting Public Debt
  • Television Broadcasting
  • Number of Radio Broadcasting Financing Transactions
  • Aggregate Value of Radio Broadcasting Financing Transactions
  • Average Value of Radio Broadcasting Financing Transactions
  • Radio Broadcasting Initial Public Equity Offerings
  • Radio Broadcasting Secondary Public Equity Offerings
  • Radio Broadcasting Public Debt
  • Number of Subscription Video Services Financing Transactions
  • Aggregate Value of Subscription Video Services Financing Transactions
  • Average Value of Subscription Video Services Financing Transactions
  • Cable System Operator Initial Public Equity Offerings
  • DBS Initial Public Equity Offerings
  • Wireless Cable Initial Public Equity Offerings
  • Cable Network Initial Public Equity Offerings
  • Pay-Per-View Network Initial Public Equity Offerings
  • Cable System Operator Secondary Public Equity Offerings
  • DBS Secondary Public Equity Offerings
  • Wireless Cable Secondary Public Equity Offerings
  • Cable Network Secondary Public Equity Offerings
  • Pay-Per-View Network Secondary Public Equity Offerings
  • Cable System Operator Public Debt
  • DBS Public Debt
  • Wireless Cable Public Debt
  • Cable Network Public Debt
  • Number of Entertainment Financing Transactions
  • Aggregate Value of Entertainment Financing Transactions
  • Average Value of Entertainment Financing Transactions
  • Filmed Entertainment Initial Public Equity Offerings
  • 1994 Recorded Music Initial Public Equity Offerings
  • Interactive Entertainment Initial Public Equity Offerings
  • Filmed Entertainment Secondary Public Equity Offerings
  • 1993 Recorded Music Secondary Public Equity Offerings
  • Interactive Entertainment Secondary Public Equity Offerings
  • Filmed Entertainment Public Debt
  • Interactive Entertainment Public Debt
  • Number of Newspaper Publishing Financing Transactions
  • Aggregate Value of Newspaper Publishing Financing Transactions
  • Average Value of Newspaper Publishing Financing Transactions
  • Newspaper Publishing Initial Public Equity Offerings
  • Newspaper Publishing Secondary Public Equity Offerings
  • Newspaper Public Debt
  • Number of Consumer Book Publishing Financing Transactions
  • Aggregate Value of Consumer Book Publishing Financing Transactions
  • Average Value of Consumer Book Publishing Financing Transactions
  • Consumer Book Publishing Initial Public Equity Offerings
  • Consumer Book Publishing Secondary Public Equity Offerings
  • Consumer Book Publishing Public Debt
  • Consumer Book Publishing
  • Number of Consumer Magazine Financing Transactions
  • Aggregate Value of Consumer Magazine Financing Transactions
  • Average Value of Consumer Magazine Financing Transactions
  • Consumer Magazine Initial Public Equity Offerings
  • Consumer Magazine Publishing Secondary Public Equity Offerings
  • Consumer Magazine Public Debt
  • Consumer Magazine
  • Number of Business-to-Business Communications Financing Transactions
  • Aggregate Value of Business-to-Business Communications Financing Transactions
  • Average Value of Business-to-Business Communications Financing Transactions
  • Business Magazine Initial Public Equity Offerings
  • Business Magazine Secondary Public Equity Offerings
  • Business-to-Business Communications Public Debt
  • Number of Business Information Services Financing Transactions
  • Aggregate Value of Business Information Services Financing Transactions
  • Average Value of Business Information Services Financing Transactions
  • Business Information Services Initial Public Equity Offerings
  • Business Information Services Secondary Public Equity Offerings
  • Business Information Services Public Debt
  • Number of Professional and Educational Information Financing Transactions
  • Aggregate Value of Professional and Educational Information Financing Transactions
  • Average Value of Professional and Educational Information Financing Transactions
  • Professional and Educational Publishing Initial Public Equity Offerings
  • Training Initial Public Equity Offerings
  • Professional and Educational Publishing Secondary Public Equity Offerings
  • Training Secondary Public Equity Offerings
  • Professional and Educational Publishing Public Debt
  • Training
  • Number of Advertising Agency Financing Transactions
  • Aggregate Value of Advertising Agency Financing Transactions
  • Average Value of Advertising Agency Financing Transactions
  • Advertising Agency Initial Public Equity Offerings
  • Advertising Agency Secondary Public Equity Offerings
  • Advertising Agency Public Debt
  • Number of Consumer Internet Financing transactions
  • Aggregate Value of Consumer Internet Financing Transactions
  • Average Value of Consumer Internet Financing Transactions
  • Consumer Internet Initial Public Equity Offerings
  • Consumer Internet Secondary Public Equity Offerings
  • Number of Specialty Marketing and Media Financing Transactions
  • Aggregate Value of Specialty Marketing and Media Financing Transactions
  • Average Value of Specialty Marketing and Media Financing Transactions
  • Direct Marketing and Promotional Services Initial Public Equity Offerings
  • Out-of-Home Media Initial Public Equity Offerings
  • Specialty Publishing Initial Public Equity Offerings
  • Direct Marketing and Promotional Services Secondary Public Equity Offerings
  • Out-of-Home Media Secondary Public Equity Offerings
  • Specialty Publishing Secondary Public Equity Offerings
  • Direct Marketing and Promotional Services Public Debt
  • Out-of-Home Media Public Debt
  • Direct Marketing and Promotional Services
3. REDEMPTIONS
  • Value of Redemptions
  • Number of Redemptions
  • Aggregate Value of Redemptions
  • Average Value of Redemptions
  • Distribution of Redemptions
  • Television Broadcasting Redemptions
  • Radio Broadcasting Redemptions
  • Cable System Operator Redemptions
  • Cable Network Redemptions
  • Pay-Per-View Redemptions
  • Filmed Entertainment Redemptions
  • Recorded Music Redemptions
  • Interactive Entertainment Redemptions
  • Newspaper Publishing Redemptions
  • Consumer Book Publishing Redemptions
  • Consumer Magazine Publishing Redemptions
  • Business Magazine Redemptions
  • Business Information Services Redemptions
  • Professional and Educational Publishing Redemptions
  • Training Redemptions
  • Advertising Agency Redemptions
  • Direct Marketing and Promotional Services Redemptions
  • Directory Publishing Redemptions
  • Out-of-Home Media Redemptions
  • Specialty Publishing Redemptions
4. JOINT VENTURES
  • Number of Joint Ventures
  • Television Broadcasting Joint Ventures
  • Radio Broadcasting Joint Ventures
  • Cable System Operator Joint Ventures
  • DBS Joint Ventures
  • Wireless Cable Joint Ventures
  • Cable Network Joint Ventures
  • Pay-Per-View Joint Ventures
  • Filmed Entertainment Joint Ventures
  • Recorded Music Joint Ventures
  • Interactive Entertainment Joint Ventures
  • Consumer Book Publishing Joint Ventures
  • Business Magazine Joint Ventures
  • Business Information Services Joint Ventures
  • Professional and Educational Publishing Joint Ventures
  • Advertising Agency Joint Ventures
  • Consumer Internet Joint Ventures
  • Direct Marketing and Promotional Services Joint Ventures
  • Directory Publishing Joint Ventures
APPENDIX A: MERGERS AND ACQUISITIONS BY BUYER

APPENDIX B: MERGERS AND ACQUISITIONS BY SELLER

APPENDIX C: OTHER TRANSACTIONS

APPENDIX D: COMPANY NOTES



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