Marketing & Advertising Industry Report 2023 Year Review
M&A Activity Update
Current State: While activity is lower in 2023, current valuations are up 25% to 30% over the lows in 2022.
Trends: M&A activity has shifted from focusing on multiple expansion to revenue growth and margin expansion. Investors are focusing on improving fundamental activity, as opposed to flipping companies to pick up multiples.
Outlook: The M&A environment is expected to pick up in 2024, while advertising and technology efforts lead the market. An increase in multiple expansion is also anticipated as economic conditions begin to improve.
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