Waimai Merger Revisited

Author: Dong Lu
Publisher:
Publish Date: 2006-12-01
Features: The integration and collision of capital and media have long been regarded as a convergence that unleashes immense energy and generates numerous benefits, hence attracting significant attention. How the operational rules of these two sectors align to form more effective new rules has also become a key focus and challenge in academic research. This book takes this as its starting point, conducting research on the uniqueness of media enterprises and the specificity of their merger and acquisition behaviors, and then expands its discussion into five aspects. The first part emphasizes the important characteristic of media enterprises—decreasing costs, which serves as a major driving force behind mergers and acquisitions among them. The second part examines the significant bottleneck in the development of media enterprises: the scarcity of high-quality content and market-potential creativity, where mergers and acquisitions become an effective means to alleviate content pressure. The third part explores the market characteristics of media enterprises, which serve two types of customers—target audiences and advertisers—and how mergers and acquisitions promote a virtuous cycle among them. In the fourth part, attention is focused on the additional costs associated with media enterprise mergers and acquisitions, explaining that the main obstacles stem from antitrust laws, cultural protection, and the integration of corporate cultures. Finally, the fifth part addresses a highly operational issue: how to accurately evaluate the intangible assets of media enterprises during mergers and acquisitions. The book offers a broad perspective and is rich in data, gathering numerous cases of domestic and international media mergers and integrations. It provides a comprehensive view of the essence of media and the points of connection with capital, making it an innovative contribution in both corporate mergers and acquisitions research and media economics management research. It is suitable for management courses in university journalism and communication programs, and also holds significant reference value for media investment and financing researchers and media decision-making management personnel.