Media & Advertising M&A Update September 2026

M&A activity in the Media & Advertising sector strengthened in 1H26, supported by solid strategic buyer activity and improving deal momentum.

Oaklins’ latest Media & Advertising M&A Report highlights a pick-up in transaction activity, with 541 global deals in 1H26, tracking ahead of the 2025 half-year level. This increase points to a more constructive M&A environment, supported by renewed buyer confidence and continued demand for attractive media, marketing and advertising assets. Activity was also accompanied by a higher share of larger transactions, suggesting that market participants were increasingly willing to pursue scaled opportunities despite ongoing economic uncertainty.

Market dynamics remain shaped by strong advertising growth, continued shifts toward digital, social and retail media, and increasing fragmentation across content and distribution channels. Investors remain selective around audience quality and monetization, while stronger first-party data, differentiated content and scalable multi-channel platforms are becoming increasingly important.

Key insights at a glance:

Deal activity strengthened in 1H26, with 541 transactions tracking ahead of the 2025 half-year level, alongside a higher share of larger deals.
Strategic buyers continued to dominate, accounting for 81% of global transactions, while activity remained concentrated across the Americas and EMEA.
Valuations improved modestly, with median EV/EBITDA reaching 9.2x in 1H26, though still below the long-term median of 11.2x.

Read the full Media & Advertising M&A Update