A Case Study Of Happi Go's Acquisition And Reorganization

With the continuous development of science and technology and the pursuit of young people,the new media industry is developing rapidly.However,the market is not an infinite cake.The rise of new media industry will lead to the decline of traditional media industry.According to the data of China media industry development report,in 2018,the proportion of new media industry revenue to media industry revenue has exceeded 60%,which shows that the living space of traditional media is strongly impacted and squeezed by the new media era.On August 18,2014,the leading group for comprehensively deepening reform of the Central Committee held its fourth meeting,deliberated and adopted the guiding opinions on promoting the integration and development of traditional media and emerging media,and made every effort to promote the integration and development of traditional media and new media.With the change of market environment and the support of policy,some traditional media enterprises begin to explore media integration.Because most of these traditional media enterprises are state-owned enterprises,so in this wave of media integration,state-owned media enterprises are the main force,and Happigo's acquisition and reorganization is a typical representative.Therefore,this paper takes Happigo's acquisition and reorganization as the core case,first introduces the relevant background,concept and theory of this study,lays the theoretical foundation for the full text of the study,and then introduces the participants and the process of Happigo's acquisition and reorganization transaction in detail.In the part of case analysis,this paper analyzes the motivation of Happigo's acquisition and reorganization from both internal and external factors,studies the improvement of market performance after Happigo's acquisition and reorganization by using event study method,comprehensively analyzes the improvement of its financial performance by using financial index analysis method and economic value-added analysis method,and makes non-profit analysis of this case based on the change of core competitiveness of listed companies after Happigo's acquisition and reorganization.Based on the above research,this paper finds that Happigo's acquisition and reorganization has a positive impact on the company's performance in all aspects,especially the financial performance.Therefore,Happigo's acquisition and reorganization is successful.At the same time,the successful Happigo's acquisition and reorganization is also a typical example of the wave of media integration,which has guiding significance for the reform of other state-owned media enterprises.At the end of this paper,we will give some suggestions for the reform of other state-owned media enterprises based on the successful experience of Happigo's acquisition and reorganization.