Content is king: Why media M&A is likely to accelerate

Sector's expansion to continue

“Technology will liberate publishers to charge small amounts of money, in the hope of attracting wide audiences.” So said Bill Gates in his essay titled 'Content is King', way back in 1996.

Technology is naturally deflationary, and with communication costs having tumbled, internet access speeds doubling every 18 months, ease of access and consumers' willingness to pay for entertainment - the opportunity of economic returns for differentiated content now far outweigh the threat of cord cutting.  There is a long history of media M&A deals in the US; from AT&T and Time Warner, to Disney and 21st Century Fox, Comcast and Sky, Discovery and Scripps and CBS and Viacom. The truth about M&A: Marriage and acrimony Indeed, since 2014, there has been over $700bn spent in strateg...