

Anonymous Banker's bleak view of the media M&A market
4 snips May 7, 2025
In a revealing conversation, Anonymous Banker, an M&A advisor with specialized knowledge in digital media, offers keen insights into the current landscape of media acquisition. He categorizes buyers into three groups and explains why ad-supported sites are facing valuation drops. The discussion also delves into how AI is negatively impacting forecasting and the need for ROI-positive content within tight timelines. Other highlights include the durability of lead-generation models and the implications of major tech platforms dominating advertising revenue.
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Digital Publishing's Declining Value
- Digital ad-supported publishing businesses are decreasing in value and face significant headwinds like audience fragmentation and AI impacts.
- Buyers today focus on cutting costs and relying heavily on programmatic revenue instead of investing for growth.
Harvesters’ Cost-Cutting Playbook
- The dominant buyers today are operational firms optimizing cash flow by cost cutting and freelance content production.
- These buyers prioritize ROI-positive content within 30 days and heavily rely on SEO and brands' domain authority.
Media Buyer Pitfalls Adjacent Firms
- Adjacent companies buy media to reduce customer acquisition costs but often fail due to lack of media expertise.
- These companies typically hire consultants, spend money inefficiently, and end up shutting down or spinning out media assets.