OTT TV Industry Mergers And Acquisitions Valuation Research In China

In recent years,the trend of triple play to attract a large number of social capital into the OTT TV industry chain nodes,not only to meet the rapid growth of the enterprise core growing financing needs,but also promote the production of content,integrated platform,network services,manufacturing enterprises in the terminal nodes inside and outside the industry chain to vertical or horizontal integration,has also brought increasing capital bubble and risk.Rationalization of the industry began to become the focus of attention of government and enterprises.In this paper,literature research,comparative study,statistical analysis and case analysis are used to study the OTT TV industry M & a valuation.First of all,through the literature research method,combing the study of OTT TV and M & a valuation related materials.Secondly,using the statistical analysis method,collecting and sorting the cases and data of the OTT TV industry merger and acquisition,and through the SPSS to describe the statistical analysis,we found that the characteristics and problems of the M & A of OTT TV companies.At the same time,through the comparative analysis,the China OTT TV industry especially acquisitions concentrated film links and foreign film companies,and OTT TV industry in different sectors of the mergers and acquisitions made comparative analysis.Finally,through case analysis,the valuation steps typical case of OTT TV industry mergers and acquisitions in the analysis,find the problems in the practice of mergers and acquisitions,and the impact of these problems,and to revise the valuation of mergers and acquisitions,to explore related coping strategies.Through the above research,this paper draws the following conclusions.First,video content node is the Internet TV industry mergers and acquisitions events in the most part,followed by network operators,integrated platform and terminal link to merger events less;second,film and television business valuation tend to use the discounted cash flow and earnings valuation method,but the film acquisitions overestimated value and high performance commitment problems.The main reason is the evaluation mechanism and the two parties on the future development of the film industry forecast higher,and the valuation of estimated parameters in the existence of subjectivity etc..Third,network operators currently focus on links to promote the triple play of radio and television operators tend to focus on the integration of resources,using the income method and asset based method;telecom value-added service acquisition more inclined to use the income approach.Fourth,the integration of the platform with the merger of administrative color,administrative allocation and market pricing coexist,which is related to the acquisition of the subject matter and the nature of state-owned enterprises.Fifth,the terminal link valuation method is more flexible,and more Internet companies mergers and acquisitions of traditional TV manufacturers,mergers and acquisitions aims to cut into the Internet TV terminal.