Valuation exercise for international broadcaster

Mediatique was engaged by an international commercial broadcaster to evaluate and undertake an independent valuation of one of their businesses in Eastern Europe. Mediatique was chosen by the client due to our broadcasting market knowledge and expertise. The mandate involved Mediatique meeting with the local management team and analysing audience share, platform reach and commercial viability of the broadcaster's channels. This also included analysing the effect that EU accession would have on the broadcaster's performance.

Mediatique also carried out a detailed analysis of major competitors in the area of broadcast services, including a review of the key precedent transactions. The valuation was based on an evaluation of three different valuation methods, including comparable multiples, precedent transaction multiples and a discounted cash flow valuation. Mediatique's conclusions were presented to the client in a comprehensive presentation as well as a detailed written report on the business, its marketplace and its competitors. The resultant work was used as the basis for a transaction permitting the broadcast client to buy additional shares in the business from minority partners.

Due diligence exercise for a private equity investor

Mediatique provided strategic advice to a leading private equity firm in relation to its acquisition of a satellite services provider. As part of this mandate, Mediatique undertook detailed due diligence of the current and potential client base of the company, which provides uplinking and playout services to television channels on the satellite platform in the UK. This involved an analysis of the audience share, platform reach and commercial viability of these channels, including the competitive structure of the channels market in a number of key genres.

As a backdrop to this channel audit, Mediatique forecast likely developments in each of the major media platforms, but in particular, the satellite platform and its position vis-à-vis other platforms, now and in the future. Further, Mediatique provided an analysis of the development of the channels market, including historic and future trends in channel growth, by genre and by business model.

This analysis was used by the private equity firm's bankers as acceptable due diligence to justify the provision of bridge funding for the acquisition.

US advertising market review

Mediatique was engaged by a UK commercial broadcaster to undertake a detailed analysis of the US airtimes sales market, drawing comparisons with the UK system of advertising sales and suggesting possible reform of the UK model based on the US experience.

This required an analysis of major developments in the US television landscape, notably the launch of multi-channel television, and the impact of these on audience share, revenue share and pricing of the major networks. The mandate involved an understanding of the key pricing and trading models in the US, including audit practice, cross-platform selling and the impact of product placement on trading mechanics.

Such an analysis formed a foundation to forecast future changes in the US media industry, and to benchmark likely UK outcomes against past and current US experience. This included reference to the impact of new technology (PVRs, DSL, broadband) and new business models (specifically VOD) on the future development of the US and UK television markets.

Mediatique undertook detailed secondary research to inform its analysis in addition to a wide-ranging audit of the opinions of major players in the US media and advertising industries.

Analysis of interactive television market

Mediatique was engaged by a UK commercial broadcaster to undertake a competitive analysis of the market for interactive television services, covering a pre-agreed range of market players.

Mediatique provided its own bespoke forecasts and market analysis of the interactive television services market, split by category and including user statistics and forecasts of consumer expenditure.

Mediatique also carried out a detailed analysis of major competitors in the area of interactive television services, including a review of the key interactive offerings, examining successes, failures and lessons derived from each. This involved an overview of current strategies and likely development of these strategies and estimated revenues, costs and business models.