| In recent years,the traditional media market such as publishing and distribution has continued to decline,and the traditional main business growth of the cultural media industry has gradually weakened,gradually losing its original core competitiveness.At the same time,with the development of high and new technology,the Internet and digital technology have promoted the emergence of new media.People have higher requirements for media information,which requires faster effectiveness and wider dissemination.In August 2014,the guideline on promoting the integrated development of traditional media and new media proposed new requirements for China's cultural media industry.The guideline pointed out that China's cultural media industry needs to adapt to the development of The Times and constantly promote the integrated development of traditional media and new media.Therefore,under the guidance of media convergence policy and the impact of new media market,traditional publishing media enterprises choose to achieve strategic transformation through merger and acquisition.Chinese media is a leading enterprise in China's cultural media industry,with strong competitiveness and excellent industry resources.In January 2015,with the successful implementation of the merger and acquisition case of the Elex,Chinese media successfully entered the Internet industry and realized the strategic transformation of the new business form of the enterprise,thus further opening the overseas market and obtaining good operating benefits.Therefore,the case of Chinese media's acquisition of the Elex has certain influence significance in the industry.This article mainly USES the case analysis method,from the trapped culture media industry development,has introduced the selected topic background,and then discusses the traditional media companies want to smooth development,how to reasonable use of the meaning of m&a,combed and summarized the domestic and foreign scholars on the effect of mergers and acquisitions motivation and m&a research conclusion,and the related theory in this paper.Through the in-depth analysis of the case,this paper understands that the main motivation of Chinese media m&a is to promote the strategic transformation of enterprises through new business forms,and at the same time to give full play to the synergistic effect,and to exploit the international market with the Elex.By comparing the effect before and after the merger and acquisition activity occurs,this article found that after the implementation of mergers and acquisitions,management level,the more hasten is to optimize the business structure of Chinese media,the profit ability,debt paying ability and sustainable development ability were increased significantly,in terms of financial and operating synergies achieved good results,and asset management capabilities have been affected by industry,does not have obviously improved;In terms of the capital market,it has received a good market reaction,with a good stock price trend,a significantly positive cumulative excess return rate and a significant increase in the total market value.At the same time,by comparing the industry mean and relevant indicators of the company,it can be seen that Chinese media has made improvement and efforts in the long-term development strategy of the enterprise after the implementation of merger and acquisition,and has brought about a positive impact.Finally,this case is analyzed and summarized in the hope of providing relevant enlightenment for other traditional media enterprises to merge with Internet enterprises.Under the impact of emerging technologies,cultural media enterprises should timely make merger and acquisition decisions.By combining their own characteristics,the two sides of merger and acquisition should pay attention to the advantageous resources of both sides in merger and acquisition integration,and take comprehensive consideration in strategy,talent,technology and other aspects,so as to achieve good results through merger and acquisition. |
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