Motivation And Performance Analysis Of Publishing And Media Enterprise Merger And Acquisition

The reform and opening policy has promoted the rise and prosperity of China's media industry.Since the reform and opening up,China's media industry has experienced a series of development processes including reform adaptation and exploration,reform pilot,overall acceleration and spread of system reform.In the reform process of more than 40 years,the change of media system and the update of media technology have exerted a far-reaching influence on the change of China's media industry pattern.In recent years,the development dilemma of traditional media enterprises has become more and more prominent.The business performance of traditional media enterprises has shown a declining trend,among which the market of traditional paper media is shrinking,and the competitive advantage of physical bookstores is continuously weakened.With the generation and development of Internet technology,digital economy,with the promotion and application of artificial intelligence,5G network,block chain and other new technologies,the media industry of information dissemination way,consumer behavior and consumer demand has had a new change,this a series of changes to further intensify the development dilemma of the traditional media companies.Since the introduction of the 12 th five-year plan,in view of the development status and difficulties of media enterprises,China has successively introduced a number of encouraging policies to actively promote the integrated development of traditional media and new media,accelerate the transformation and upgrading of the media industry,and contribute to the realization of the strategic goal of "cultural power".Based on the background of the development of the “Internet plus” and the convergence of media industry,this paper,based on the related research of M&A motivation and M&A performance by scholars both at home and abroad,combined theory of the growth of the firm,transaction cost theory,efficiency theory,analyzing the development characteristics and current situation of the media industry,discussing the reason of enterprise merger and acquisition of new media,designing M&A performance evaluation method.With the aid of the above analysis and research,and then take the Wanxin Media merger of Blue Lion event as a case study,to carry out a more detailed analysis and research.Through in-depth analysis,it can be found that the acquisition is mainly based on the "Internet plus" strategic transformation and upgrading,to achieve the purpose of upgrading the traditional main business.Through the analysis of the business level,capital market level,related financial indicators and EVA indicators before and after the merger,it can be found that after the merger,the short-term performance of Wanxin Media is good,and the long-term performance has improved,it can be said that the merger and acquisition has a relatively positive impact on the strategic transformation and upgrading of Wanxin Media.Combined with the development status and trend of the industry,the relevant conclusions and enlightenment are drawn.The realization of "Internet plus" strategic transformation and upgrading is one of the motivations and preconditions for traditional media enterprises to acquire new media enterprises.The realization of M&A can boost the promotion and transformation strategy of the main business of traditional media enterprises.In the process of M&A,we should pay attention to seize opportunities,pay attention to improving our own industrial chain and industrial structure through the introduction and integration of new media technology,prudently choose the target and methods of M&A,and conduct feasibility analysis from the aspects of equity structure,financial status in combination with the actual development of enterprises.After the completion of the M&A,both parties shall integrate the advantages in technology,resources,management and other aspects in combination with their own development characteristics,pay attention to the unity of enterprise development strategy and enterprise culture,ensure that the M&A event can bring positive influence to both parties from all aspects.