传媒案例Current Trends In, and The Valuation of Publishing Businesses.pdf

Current Trends In, and The Valuation of, Publishing Businesses ASA Advanced Business Valuation Conference October 25, 2002 Scott A. Nammacher, ASA, CFA Managing Director Empire Valuation Consultants, Inc. 350 Fifth Ave., Suite 5513 NY, NY 10118 (212) 714-0122 Email: scottn@ 1 Agenda ! Industry Overview ! Segment Trends ! Transaction Values – Magazines ! Factors Driving Sale Values ! Factors Impacting Minority Interests 2 Industry Overview ! Publishing Industry Is Broadly Defined » Newspapers: Daily/Weekly » Directories/Yellow Pages » Books » Consumer Bus. To Bus. Magazines » e-Publishing » Other ! Each Segment Has Numerous Sub-categories 3 Industry Overview – Many Players ! Large Media Companies Cross Several Segments: » AOL Time Warner » Bertelsmann A.G. » Reed Elsevier » Pearson » McGraw-Hill » Washington Post Co. » Viacom » Pearson ! Market Split Between Very Large and Small Cos. 4 Industry Overview – Ad Based Publishing ! Publishing Industry: Relative Size in 2001 Ad Revenues % of 2000 2001 2001 %Chg. » Newspapers $48.7B $44.3B 19.2% -9.0% » Broadcast TV 44.8 38.9 16.8 -13.2 » Weeklies/Shoppers/Etc. 32.1 30.0