Research On Motivation And Consequence Of M&A In Film And Television Media Industry From The Perspective Of Industrial Chain Evolution

With the rapid changes in the market and rapid economic development,people pay more and more attention to spiritual consumption,and the film and television industry has experienced rapid development.Internet giants and international media groups have stepped in to fight for market power.Under the opportunities and challenges of the era of industrial "integration",influenced by the changes of Internet technology concept and the new generation of consumers' consumption concept,film and television media enterprises have carried out industrial chain mergers and acquisitions.Film and television media enterprises actively seek to cross the traditional film and television industry chain development model,in order to break the inherent defects of high risk of film and television revenue.This paper takes ENLIGHT MEDIA as the research object,which is the leading private enterprise in the film and television media industry,to study the motives and consequences of M&A of film and television media enterprises from the perspective of industrial chain evolution.Firstly,this paper combs the concepts of M&A and industrial chain,and expounds the motivation of M&A and the related theory of M&A effect.Then,from the perspective of industry,the paper analyses the background and characteristics of the industry chain evolution of film and television media industry,as well as the status quo and implementation of M&A in film and television media industry chain.Finally,combined with the merger and acquisition activities in the past years from 2011 to 2017,the process,strategy,motivation and economic consequences of the merger and acquisition of the "pan-entertainment" industry chain of ENLIGHT MEDIA are analyzed in detail.In view of ENLIGHT MEDIA's series of mergers and acquisitions,this paper puts forward the conclusion:the film and television media industry chain has undergone a certain evolution,from the traditional industry chain to the film and television"pan-entertainment" industry chain.The mergers and acquisitions of film and television media enterprises reflect the characteristics of the evolution of the "pan-entertainment"industry chain.The conclusion shows that ENLIGHT MEDIA's motivation for the series of mergers and acquisitions is to create the strategy of "film and television+game" and "film and television+animation",improve the layout of the film and television"pan-entertainment" industry chain,strengthen the core competitiveness,and share the great development of the game and animation industry.From the perspective of merger and acquisition consequences,ENLIGHT MEDIA's short-term market performance of merger and acquisition activities is not good.In terms of financial performance,the company's film and television core business has been enhanced,and the operational risk has decreased to a certain extent.However,with the expansion of investment scale,the financial risk of the company increases.In the field of "pan-entertainment",the strategy of "film and television+game" has been temporarily blocked due to the influence of high valuation and high performance commitment of merger and acquisition,while the strategy of "film and television+animation" has achieved certain results,showing initial value and broad space for future development.Through research,this paper summarizes the current situation and characteristics of the evolution of film and television media industry chain.The conclusion of this paper can not only provide relevant merger and reorganization Suggestions for film and television media enterprises,but also provide certain inspiration for cross-industry investors.