Analysis Of M&A Performance Of Listed Companies In The Media Industry

In recent years,with the rapid development of the Internet,with the help of the network of various types of emerging media quickly rise,continue to erode the traditional advertising market share,to the traditional media business has brought great challenges.In June 2011,the Sixth Plenary Session of the 17 th CPC Central Committee put forward the "Encourage the integration of traditional media and new media" In 2014,the Fourth Session of the Central Committee for Deepening the Reform of the Reform Council examined and adopted the Guiding Opinions on Promoting the Integration of Traditional Media and New Media,and put forward specific requirements for promoting the development of media integration.Under the influence of internal and external factors,the traditional media enterprises are actively looking for the road of reform and transformation,and mergers and acquisitions is one of the important ways to realize the rapid development and transformation of enterprises.In fact,since 2010 the media industry has developed a wave of mergers and acquisitions.However,there are many risks such as blind acquisition,valuation error and resource integration failure.In order to further study the actual performance of the media industry M & A,this paper selected the case is one of the largest M & A events in the media industry: Zhejiang R & D Media 3.1 billion acquisition of Hangzhou winger and Shanghai Hao Fang,in order to implement its diversification and synergies strategy.This paper analyzes the impact of M & A events on its long-term financial performance by using the method of case analysis,analyzes the impact of M & A events on its long-term financial performance by using the financial index analysis method,and uses the literature analysis method,combined with the development of the media industry and Enterprise characteristics,the performance of the acquisition and decision making evaluation.The results show that in the short term,the M & A event has achieved good market performance,the profitability of the enterprise has been greatly improved,the capital market is generally optimistic about the M & A event,but mainly the capital subject speculation,the excess rate of return in a week later value.In the long run,theM & A event has made the profitability,growth ability and solvency of Zhejiang newspaper media significantly improved,and reached the strategic goal of building an integrated media platform to realize the transformation and upgrading of industrial structure.