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
|