Media & Advertising M&A Report January 2026
Media & Advertising M&A reflects underlying stability in 2025.
The latest Oaklins Media & Advertising M&A report highlights a Swiss market that remains stable amid an ongoing shift toward digital first business models. While expected market growth in Switzerland remains moderate at around 1.5% per year, sustained momentum in digital advertising, ad-tech, and immersive content is supporting consistent M&A activity. Strategic initiatives by leading Swiss media groups to develop a shared, privacy-compliant digital advertising ecosystem further reinforce the sector’s long-term structural transformation.
M&A activity in 2025 remained stable despite a moderation from prior peak levels, with strategic buyers dominating deal flow both globally and in the DACH region. Valuation multiples have normalized from earlier highs, reflecting more disciplined pricing, while scale and strong digital capabilities continue to command premium valuations.
Key insights at a glance:
- M&A activity remains stable, with 930 global transactions recorded in 2025, driven primarily by strategic acquirers focused on digital transformation.
- Strategic buyers account for ca. 79% of global deals and ca. 74% in the DACH region, with most transactions remaining below CHF 100 million.
- Valuation multiples have recalibrated, with long term EV/EBITDA medians around 11x, small-cap deals at 7.7x and large-cap transactions remaining higher at around 11x.
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