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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Slower posture

Media, Entertainment & Education Platforms

Higher Spend Concentration + Slower · $200.2B disclosed spend · led by Geographic Expansion plays · activity cooling across 114 public buyers.

Useful buyers show repeatable acquisition logic around audience density, content ownership, enrollment bases, venue footprints, or professional training capacity.

Geographic Expansion dominantSpend HHI 1,181Cooling -41

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is flat or cooling.

Public buyers

114

57 core (10+)

Recorded buys

1,252

159 last 3 yrs

Disclosed spend

$200.2B

$31.8B recent

Matched issuers

174

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 25%
Bolt 22%
Platform 21%
Horiz 18%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

9% mix

Small additive deals folded directly into the existing business.

“The Company will continue to invest in content development and acquisition, from which it believes it will obtain an appropriate return on its investment.”

Cineverse Corp. (CNVS) · FY2024

Bolt On

22% mix

Mid-sized acquisitions extending the existing product or service core.

“As part of our business strategy, we may seek to broaden our service offerings, obtain additional clients and strengthen our service quality by acquiring other companies or businesses or making strategic investments.”

ATA Creativity Global (AACG) · FY2017

Platform

21% mix

Foundational deals establishing a new platform or business line.

“ANZ provides an attractive platform for future growth, driven by Australia’s status as an attractive destination for international students”

Strategic Education, Inc. (STRA) · FY2020

Geographic Expansion

25% mix

Buying density or new geographies to extend the footprint.

“continued consolidation of distribution customers and production studios”

Warner Bros. Discovery, Inc. (WBD) · FY2025

Horizontal Consolidation

18% mix

Acquiring direct competitors to consolidate the market.

“Access has consistently backed the Company’s bold expansion strategies through organic A&R as well as acquisitions.”

Warner Music Group Corp. (WMG) · FY2024

Vertical Integration

0% mix

Adding upstream or downstream capability inside the value chain.

“Consolidation and vertical integration among distributors in the cable and broadcast network businesses has provided more leverage to these distributors”

Paramount Skydance Corporation (PSKY) · FY2025

Technology Acquisition

4% mix

Buying products, IP, or engineering depth for capability gain.

“The acquisition of dataxu’s platform complements the Company’s OTT advertising platform and enables marketers to access a single, data-driven software solution to plan, buy, and optimize their ad spend across TV and OTT providers.”

Roku, Inc. (ROKU) · FY2019

Talent Acquisition

0% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10B$100Bmedian annual $48Mmedian total $249MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)WBDWarner Bros. Discovery, Inc. (WBD) Geographic Expansion $53.9B total · $3.6B / active year 15 active years · 23 buys reportedDISWalt Disney Co/ (DIS) Geographic Expansion $37B total · $18.5B / active year 2 active years · 2 buys reportedAACGATA Creativity Global (AACG) Bolt On $8.8B total · $1.3B / active year 7 active years · 2 buys reportedTKOTKO Group Holdings, Inc. (TKO) Platform $8.4B total · $4.2B / active year 2 active years · 4 buys reportedGTNGray Media, Inc. (GTN) Geographic Expansion $8.3B total · $596M / active year 14 active years · 32 buys reportedUPXIUpexi, Inc. (UPXI) Bolt On $7.1B total · $1.8B / active year 4 active years · 6 buys reportedNWSNews Corporation (NWS) Geographic Expansion $6.9B total · $577M / active year 12 active years · 5 buys reportedSSPTHE E.w. Scripps Company (SSP) Geographic Expansion $5.2B total · $372M / active year 14 active years · 50 buys reportedNXSTNexstar Media Group, Inc. (NXST) Geographic Expansion $3.4B total · $282M / active year 12 active years · 43 buys reportedLYVLive Nation Entertainment, Inc. (LYV) Geographic Expansion $3B total · $151M / active year 20 active years · 45 buys reportedFLUTFlutter Entertainment plc (FLUT) Bolt On $2.8B total · $1.4B / active year 2 active years · 4 buys reportedWLYJohn Wiley & Sons, Inc. (WLY) Bolt On $2.5B total · $168M / active year 15 active years · 19 buys reportedBBGIBeasley Broadcast Group, Inc. (BBGI) Mixed strategy $2.4B total · $202M / active year 12 active years · 10 buys reportedSTRZStarz Entertainment Corp. (STRZ) Bolt On $2.4B total · $302M / active year 8 active years · 8 buys reportedCMLSCumulus Media Inc (CMLS) Geographic Expansion $2.4B total · $268M / active year 9 active years · 14 buys reportedGNSGenius Group Ltd (GNS) Geographic Expansion $2.3B total · $1.2B / active year 2 active yearsGHCGraham Holdings Co. (GHC) Geographic Expansion $2.3B total · $163M / active year 14 active years · 82 buys reportedAMCAMC Entertainment Holdings, Inc. (AMC) Tuck In $2.3B total · $566M / active year 4 active years · 15 buys reportedCNKCinemark Holdings, Inc. (CNK) Geographic Expansion $2.1B total · $152M / active year 14 active years · 57 buys reportedSTRAStrategic Education, Inc. (STRA) Platform $2B total · $219M / active year 9 active years · 7 buys reportedTDAYUSA Today Co., Inc. (TDAY) Bolt On $1.8B total · $205M / active year 9 active years · 201 buys reportedEDUNEW Oriental Education & Technology Group Inc. (EDU) Geographic Expansion $1.8B total · $226M / active year 8 active yearsAMCXAMC Global Media Inc. (AMCX) Platform $1.8B total · $199M / active year 9 active years · 4 buys reportedNFLXNetflix, Inc. (NFLX) Platform $1.6B total · $392M / active year 4 active years · 1 buys reportedWMGWarner Music Group Corp. (WMG) Horizontal Consolidation $1.5B total · $99M / active year 15 active years · 10 buys reportedPSOPearson PLC (PSO) Bolt On $1.4B total · $205M / active year 7 active years · 20 buys reportedFWONALiberty Media Corporation (FWONA) Platform $1.4B total · $142M / active year 10 active years · 5 buys reportedSIRISirius XM Holdings Inc. (SIRI) Geographic Expansion $1.4B total · $175M / active year 8 active years · 6 buys reportedCCZComcast Corporation (CCZ) Bolt On $1.4B total · $465M / active year 3 active years · 5 buys reportedFOXFOX Corporation (FOX) Bolt On $1.4B total · $347M / active year 4 active years · 10 buys reportedSALMSalem Media Group, Inc. (SALM) Geographic Expansion $1.4B total · $91M / active year 15 active years · 124 buys reportedSPOTSpotify Technology S.A. (SPOT) Bolt On $1.3B total · $210M / active year 6 active years · 8 buys reportedGDENGolden Entertainment, Inc. (GDEN) Platform $1.2B total · $156M / active year 8 active years · 9 buys reportedTALTAL Education Group (TAL) Mixed strategy $1.1B total · $162M / active year 7 active years · 10 buys reportedAPEIAmerican Public Education, Inc. (APEI) Bolt On $1.1B total · $159M / active year 7 active years · 7 buys reportedQVCCQQVC, Inc. (QVCCQ) Bolt On $1B total · $503M / active year 2 active years · 2 buys reportedCHGGChegg, Inc. (CHGG) Bolt On $734M total · $92M / active year 8 active years · 13 buys reportedNYTTHE NEW York Times Company (NYT) Platform $665M total · $111M / active year 6 active years · 9 buys reportedIHRTIheartmedia, Inc. (IHRT) Platform $655M total · $94M / active year 7 active years · 3 buys reportedGMBLEsports Entertainment Group, Inc. (GMBL) Bolt On $575M total · $192M / active year 3 active years · 3 buys reportedIQiQIYI, Inc. (IQ) Mixed strategy $517M total · $103M / active year 5 active years · 2 buys reportedTCMEFTencent Music Entertainment Group (TCMEF) Mixed strategy $498M total · $100M / active year 5 active yearsBZFDBuzzFeed, Inc. (BZFD) Bolt On $492M total · $164M / active year 3 active years · 3 buys reportedSEGGSports Entertainment Gaming Global Corporation (SEGG) Platform $476M total · $95M / active year 5 active years · 4 buys reportedGVVisionary Holdings Inc. (GV) Mixed strategy $473M total · $237M / active year 2 active yearsFUBOFuboTV Inc. (FUBO) Technology Acquisition $473M total · $79M / active year 6 active years · 5 buys reportedROKURoku, Inc. (ROKU) Technology Acquisition $451M total · $75M / active year 6 active years · 5 buys reportedSKILSkillsoft Corp. (SKIL) Platform $407M total · $203M / active year 2 active years · 2 buys reportedPRDOPerdoceo Education Corp. (PRDO) Geographic Expansion $396M total · $40M / active year 10 active years · 13 buys reportedLRNStride, Inc. (LRN) Bolt On $388M total · $35M / active year 11 active years · 11 buys reportedLOPEGrand Canyon Education, Inc. (LOPE) Mixed strategy $361M total · $361M / active year 1 active years · 1 buys reportedTOONKartoon Studios, Inc. (TOON) Mixed strategy $299M total · $100M / active year 3 active years · 2 buys reportedMCSMarcus Corp. (MCS) Geographic Expansion $276M total · $46M / active year 6 active years · 26 buys reportedAFYAAfya Limited (AFYA) Mixed strategy $275M total · $46M / active year 6 active years · 1 buys reportedBMTMBright Mountain Media, Inc. (BMTM) Geographic Expansion $269M total · $38M / active year 7 active years · 8 buys reportedACELAccel Entertainment, Inc. (ACEL) Bolt On $252M total · $42M / active year 6 active years · 9 buys reportedINSEInspired Entertainment, Inc. (INSE) Geographic Expansion $251M total · $50M / active year 5 active years · 3 buys reportedSCHLScholastic Corporation (SCHL) Geographic Expansion $246M total · $31M / active year 8 active years · 18 buys reportedLAURLaureate Education, Inc. (LAUR) Geographic Expansion $241M total · $121M / active year 2 active years · 8 buys reportedMSGSMadison Square Garden Sports Corp. (MSGS) Platform $200M total · $100M / active year 2 active yearsUTIUniversal Technical Institute, Inc. (UTI) Geographic Expansion $175M total · $35M / active year 5 active years · 4 buys reportedSGASaga Communications, Inc (SGA) Geographic Expansion $150M total · $12M / active year 13 active years · 19 buys reportedEVCEntravision Communications Corporation (EVC) Geographic Expansion $148M total · $16M / active year 9 active years · 14 buys reportedRSVRReservoir Media, Inc. (RSVR) Bolt On $147M total · $73M / active year 2 active yearsLEELEE Enterprises, Inc. (LEE) Horizontal Consolidation $145M total · $36M / active year 4 active years · 5 buys reportedUONEUrban One, Inc. (UONE) Geographic Expansion $133M total · $15M / active year 9 active years · 7 buys reportedCCGCheche Group Inc. (CCG) Platform $108M total · $108M / active year 1 active years · 1 buys reportedGAIAGaia, Inc. (GAIA) Geographic Expansion $92M total · $8M / active year 12 active years · 15 buys reportedRDIReading International, Inc. (RDI) Geographic Expansion $87M total · $17M / active year 5 active years · 20 buys reportedKUKEYKuke Music Holding Limited (KUKEY) Geographic Expansion $86M total · $29M / active year 3 active years · 1 buys reportedEEIQEpicQuest Education Group International Limited (EEIQ) Geographic Expansion $81M total · $81M / active year 1 active years · 1 buys reportedLINCLincoln Educational Services Corporation (LINC) Geographic Expansion $73M total · $18M / active year 4 active years · 2 buys reportedCNVSCineverse Corp. (CNVS) Tuck In $63M total · $16M / active year 4 active years · 31 buys reportedMAXMediaAlpha, Inc. (MAX) Mixed strategy $50M total · $50M / active year 1 active years · 1 buys reportedMDIAMediaco Holding Inc. (MDIA) Horizontal Consolidation $44M total · $22M / active year 2 active years · 4 buys reportedMYNDMynd.ai, Inc. (MYND) Platform $42M total · $10M / active year 4 active yearsRPDLRapid Line Inc. (RPDL) Mixed strategy $41M total · $41M / active year 1 active yearsIMAXIMAX Corporation (IMAX) Platform $39M total · $20M / active year 2 active years · 2 buys reportedBODIBeachbody Company, Inc. (BODI) Bolt On $37M total · $37M / active year 1 active years · 1 buys reportedKLCKinderCare Learning Companies, Inc. (KLC) Geographic Expansion $34M total · $17M / active year 2 active years · 47 buys reportedUDMYUdemy, Inc. (UDMY) Platform $26M total · $13M / active year 2 active years · 2 buys reportedNNNextNav Inc. (NN) Platform $25M total · $12M / active year 2 active years · 3 buys reportedTOIThe Oncology Institute, Inc. (TOI) Mixed strategy $22M total · $7M / active year 3 active years · 12 buys reportedFENGPhoenix New Media Limited (FENG) Mixed strategy $21M total · $21M / active year 1 active yearsJFINJiayin Group Inc. (JFIN) Mixed strategy $13M total · $13M / active year 1 active yearsASPUAspen Group, Inc. (ASPU) Mixed strategy $12M total · $6M / active year 2 active yearsGOTUGaotu Techedu Inc. (GOTU) Geographic Expansion $11M total · $5M / active year 2 active years · 1 buys reportedCRSFCrisp Momentum Inc. (CRSF) Mixed strategy $10M total · $5M / active year 2 active years · 1 buys reportedSPHRSphere Entertainment Co. (SPHR) Bolt On $9M total · $9M / active year 1 active years · 5 buys reportedDAOYoudao, Inc. (DAO) Mixed strategy $8M total · $3M / active year 3 active yearsAENTAlliance Entertainment Holding Corporation (AENT) Horizontal Consolidation $8M total · $8M / active year 1 active years · 1 buys reportedLXEHLixiang Education Holding Co., Ltd. (LXEH) Mixed strategy $7M total · $7M / active year 1 active yearsDJTTrump Media & Technology Group Corp. (DJT) Platform $7M total · $7M / active year 1 active yearsAGAEAllied Gaming & Entertainment Inc. (AGAE) Mixed strategy $7M total · $7M / active year 1 active years · 1 buys reportedLGCYLegacy Education Inc. (LGCY) Mixed strategy $6M total · $6M / active year 1 active years · 1 buys reportedCURICuriositystream Inc. (CURI) Mixed strategy $5M total · $5M / active year 1 active years · 1 buys reportedBTCTBTC Digital Ltd. (BTCT) Mixed strategy $5M total · $5M / active year 1 active years · 1 buys reportedMLMCFrankspeech Network, Inc. (MLMC) Bolt On $5M total · $5M / active year 1 active years · 4 buys reportedAERAAI ERA Corp. (AERA) Technology Acquisition $3M total · $750K / active year 4 active years · 20 buys reportedANGHAnghami Inc. (ANGH) Platform $3M total · $1M / active year 2 active years · 2 buys reportedGFMHGoliath Film and Media Holdings (GFMH) Mixed strategy $3M total · $3M / active year 1 active years · 1 buys reportedFEDUFour Seasons Education (Cayman) Inc. (FEDU) Bolt On $2M total · $480K / active year 5 active years · 9 buys reportedPXEDPhoenix Education Partners, Inc. (PXED) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedEDUCEducational Development Corporation (EDUC) Geographic Expansion $2M total · $475K / active year 4 active years · 2 buys reportedCPOPPop Culture Group Co., Ltd (CPOP) Mixed strategy $2M total · $2M / active year 1 active yearsTTGTTechtarget, Inc. (TTGT) Platform $1M total · $1M / active year 1 active years · 1 buys reportedILLRTriller Group Inc. (ILLR) Mixed strategy $1M total · $1M / active year 1 active years · 1 buys reportedPSKYParamount Skydance Corporation (PSKY) Vertical Integration $700K total · $700K / active year 1 active yearsBHATFBlue Hat Interactive Entertainment Technology (BHATF) Mixed strategy $700K total · $700K / active year 1 active yearsBRWCBirdie WIN Corporation (BRWC) Mixed strategy $400K total · $400K / active year 1 active years · 2 buys reportedARENTHE Arena Group Holdings, Inc. (AREN) Platform $300K total · $300K / active year 1 active years · 2 buys reportedAMBOAmbow Education Holding Ltd. (AMBO) Horizontal Consolidation $100K total · $100K / active year 1 active yearsSTGSunlands Technology Group (STG) Mixed strategy $100K total · $100K / active year 1 active yearsMVNCMarvion Inc. (MVNC) Mixed strategy $100K total · $100K / active year 1 active years · 4 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Warner Bros. Discovery, Inc.WBDGeographic Expansion
$53.9B
$3.6B23

Winding down

$42.4B → $100M

Walt Disney Co/DISGeographic Expansion
$37B
$18.5B2

New cycle

$1.3B recent

ATA Creativity GlobalAACGBolt On
$8.8B
$1.3B2

Cooling

-59%

TKO Group Holdings, Inc.TKOPlatform
$8.4B
$4.2B4

New cycle

$8.4B recent

Gray Media, Inc.GTNGeographic Expansion
$8.3B
$596M32

Winding down

$3.9B → $6M

Upexi, Inc.UPXIBolt On
$7.1B
$1.8B6

New cycle

$7.1B recent

News CorporationNWSGeographic Expansion
$6.9B
$577M5

Winding down

$2.4B → $55M

THE E.w. Scripps CompanySSPGeographic Expansion
$5.2B
$372M50

Winding down

$2.7B → $14M

Nexstar Media Group, Inc.NXSTGeographic Expansion
$3.4B
$282M43

Cooling

-57%

Live Nation Entertainment, Inc.LYVGeographic Expansion
$3B
$151M45

Cooling

-71%

Flutter Entertainment plcFLUTBolt On
$2.8B
$1.4B4

New cycle

$2.8B recent

John Wiley & Sons, Inc.WLYBolt On
$2.5B
$168M19

Winding down

$605M → $14M

Beasley Broadcast Group, Inc.BBGIN/A
$2.4B
$202M10

New cycle

$2B recent

Starz Entertainment Corp.STRZBolt On
$2.4B
$302M8

Accelerating

+105%

Cumulus Media IncCMLSGeographic Expansion
$2.4B
$268M14

Paused

$7M prior

Genius Group LtdGNSGeographic Expansion
$2.3B
$1.2BN/A

New cycle

$2.3B recent

Graham Holdings Co.GHCGeographic Expansion
$2.3B
$163M82

Cooling

-76%

AMC Entertainment Holdings, Inc.AMCTuck In
$2.3B
$566M15

Cooling

-100% (count)

Cinemark Holdings, Inc.CNKGeographic Expansion
$2.1B
$152M57

Paused

$22M prior

Strategic Education, Inc.STRAPlatform
$2B
$219M7

Winding down

$1.9B → $1M

USA Today Co., Inc.TDAYBolt On
$1.8B
$205M201

Steady

-1%

NEW Oriental Education & Technology Group Inc.EDUGeographic Expansion
$1.8B
$226MN/A

New cycle

$1.8B recent

AMC Global Media Inc.AMCXPlatform
$1.8B
$199M4

Accelerating

+88%

Netflix, Inc.NFLXPlatform
$1.6B
$392M1

Winding down

$1.5B → $17M

Warner Music Group Corp.WMGHorizontal Consolidation
$1.5B
$99M10

Accelerating

+34%

Pearson PLCPSOBolt On
$1.4B
$205M20

Paused

$8M prior

Liberty Media CorporationFWONAPlatform
$1.4B
$142M5

Steady

-24%

Sirius XM Holdings Inc.SIRIGeographic Expansion
$1.4B
$175M6

Paused

$450M prior

Comcast CorporationCCZBolt On
$1.4B
$465M5

Winding down

$1.4B → $9M

FOX CorporationFOXBolt On
$1.4B
$347M10

Winding down

$1.4B → $100K

Salem Media Group, Inc.SALMGeographic Expansion
$1.4B
$91M124

Paused

$1.3B prior

Spotify Technology S.A.SPOTBolt On
$1.3B
$210M8

Winding down

$819M → $10M

Golden Entertainment, Inc.GDENPlatform
$1.2B
$156M9

New cycle

$17M recent

TAL Education GroupTALN/A
$1.1B
$162M10

Steady

-15%

American Public Education, Inc.APEIBolt On
$1.1B
$159M7

Cooling

-50%

QVC, Inc.QVCCQBolt On
$1B
$503M2

Steady

+0% (count)

Chegg, Inc.CHGGBolt On
$734M
$92M13

Paused

$523M prior

THE NEW York Times CompanyNYTPlatform
$665M
$111M9

Paused

$549M prior

Iheartmedia, Inc.IHRTPlatform
$655M
$94M3

Winding down

$553M → $5M

Esports Entertainment Group, Inc.GMBLBolt On
$575M
$192M3

Paused

$575M prior

iQIYI, Inc.IQN/A
$517M
$103M2

Paused

$149M prior

Tencent Music Entertainment GroupTCMEFN/A
$498M
$100MN/A

Accelerating

+77%

BuzzFeed, Inc.BZFDBolt On
$492M
$164M3

Winding down

$492M → $200K

Sports Entertainment Gaming Global CorporationSEGGPlatform
$476M
$95M4

Winding down

$455M → $21M

Visionary Holdings Inc.GVN/A
$473M
$237MN/A

Winding down

$472M → $2M

FuboTV Inc.FUBOTechnology Acquisition
$473M
$79M5

Paused

$25M prior

Roku, Inc.ROKUTechnology Acquisition
$451M
$75M5

Cooling

-67%

Skillsoft Corp.SKILPlatform
$407M
$203M2

Steady

-4%

Perdoceo Education Corp.PRDOGeographic Expansion
$396M
$40M13

Steady

-23%

Stride, Inc.LRNBolt On
$388M
$35M11

Winding down

$241M → $1M

Grand Canyon Education, Inc.LOPEN/A
$361M
$361M1

Steady

+0% (count)

Kartoon Studios, Inc.TOONN/A
$299M
$100M2

Paused

$16M prior

Marcus Corp.MCSGeographic Expansion
$276M
$46M26

Steady

+100% (count)

Afya LimitedAFYAN/A
$275M
$46M1

Accelerating

+237%

Bright Mountain Media, Inc.BMTMGeographic Expansion
$269M
$38M8

Cooling

-51%

Accel Entertainment, Inc.ACELBolt On
$252M
$42M9

Cooling

-64%

Inspired Entertainment, Inc.INSEGeographic Expansion
$251M
$50M3

Winding down

$144M → $1M

Scholastic CorporationSCHLGeographic Expansion
$246M
$31M18

New cycle

$205M recent

Laureate Education, Inc.LAURGeographic Expansion
$241M
$121M8

Steady

+0% (count)

Madison Square Garden Sports Corp.MSGSPlatform
$200M
$100MN/A

Steady

no signal

Universal Technical Institute, Inc.UTIGeographic Expansion
$175M
$35M4

Accelerating

+401%

Saga Communications, IncSGAGeographic Expansion
$150M
$12M19

Cooling

-90%

Entravision Communications CorporationEVCGeographic Expansion
$148M
$16M14

Cooling

-26%

Reservoir Media, Inc.RSVRBolt On
$147M
$73MN/A

New cycle

$147M recent

LEE Enterprises, Inc.LEEHorizontal Consolidation
$145M
$36M5

Paused

$131M prior

Urban One, Inc.UONEGeographic Expansion
$133M
$15M7

New cycle

$28M recent

Cheche Group Inc.CCGPlatform
$108M
$108M1

New cycle

$108M recent

Gaia, Inc.GAIAGeographic Expansion
$92M
$8M15

Steady

-14%

Reading International, Inc.RDIGeographic Expansion
$87M
$17M20

Steady

+0% (count)

Kuke Music Holding LimitedKUKEYGeographic Expansion
$86M
$29M1

Cooling

-100%

EpicQuest Education Group International LimitedEEIQGeographic Expansion
$81M
$81M1

New cycle

$81M recent

Lincoln Educational Services CorporationLINCGeographic Expansion
$73M
$18M2

Steady

+0% (count)

Cineverse Corp.CNVSTuck In
$63M
$16M31

Paused

$12M prior

MediaAlpha, Inc.MAXN/A
$50M
$50M1

Paused

$50M prior

Mediaco Holding Inc.MDIAHorizontal Consolidation
$44M
$22M4

Paused

$44M prior

Mynd.ai, Inc.MYNDPlatform
$42M
$10MN/A

Accelerating

+1341%

Rapid Line Inc.RPDLN/A
$41M
$41MN/A

New cycle

$41M recent

IMAX CorporationIMAXPlatform
$39M
$20M2

Accelerating

+46%

Beachbody Company, Inc.BODIBolt On
$37M
$37M1

Paused

$37M prior

KinderCare Learning Companies, Inc.KLCGeographic Expansion
$34M
$17M47

New cycle

$34M recent

Udemy, Inc.UDMYPlatform
$26M
$13M2

Paused

$26M prior

NextNav Inc.NNPlatform
$25M
$12M3

Accelerating

+645%

The Oncology Institute, Inc.TOIN/A
$22M
$7M12

Cooling

-75%

Phoenix New Media LimitedFENGN/A
$21M
$21MN/A

Steady

no signal

Jiayin Group Inc.JFINN/A
$13M
$13MN/A

New cycle

$13M recent

Aspen Group, Inc.ASPUN/A
$12M
$6MN/A

Steady

no signal

Gaotu Techedu Inc.GOTUGeographic Expansion
$11M
$5M1

Steady

-14%

Crisp Momentum Inc.CRSFN/A
$10M
$5M1

Steady

+0%

Sphere Entertainment Co.SPHRBolt On
$9M
$9M5

New cycle

$9M recent

Youdao, Inc.DAON/A
$8M
$3MN/A

Accelerating

+475%

Alliance Entertainment Holding CorporationAENTHorizontal Consolidation
$8M
$8M1

New cycle

$8M recent

Lixiang Education Holding Co., Ltd.LXEHN/A
$7M
$7MN/A

New cycle

$7M recent

Allied Gaming & Entertainment Inc.AGAEN/A
$7M
$7M1

New cycle

$7M recent

Trump Media & Technology Group Corp.DJTPlatform
$7M
$7MN/A

New cycle

$7M recent

Legacy Education Inc.LGCYN/A
$6M
$6M1

New cycle

$6M recent

Curiositystream Inc.CURIN/A
$5M
$5M1

Paused

$5M prior

BTC Digital Ltd.BTCTN/A
$5M
$5M1

New cycle

$5M recent

Frankspeech Network, Inc.MLMCBolt On
$5M
$5M4

Steady

+0% (count)

AI ERA Corp.AERATechnology Acquisition
$3M
$750K20

New cycle

$2M recent

Anghami Inc.ANGHPlatform
$3M
$1M2

New cycle

$3M recent

Goliath Film and Media HoldingsGFMHN/A
$3M
$3M1

Steady

+0% (count)

Four Seasons Education (Cayman) Inc.FEDUBolt On
$2M
$480K9

Cooling

-87%

Phoenix Education Partners, Inc.PXEDN/A
$2M
$2M1

New cycle

$2M recent

Educational Development CorporationEDUCGeographic Expansion
$2M
$475K2

Accelerating

+300%

Pop Culture Group Co., LtdCPOPN/A
$2M
$2MN/A

New cycle

$2M recent

Techtarget, Inc.TTGTPlatform
$1M
$1M1

New cycle

$1M recent

Triller Group Inc.ILLRN/A
$1M
$1M1

New cycle

$1M recent

Paramount Skydance CorporationPSKYVertical Integration
$700K
$700KN/A

New cycle

$700K recent

Blue Hat Interactive Entertainment TechnologyBHATFN/A
$700K
$700KN/A

New cycle

$700K recent

Birdie WIN CorporationBRWCN/A
$400K
$400K2

New cycle

$400K recent

THE Arena Group Holdings, Inc.ARENPlatform
$300K
$300K2

Paused

$300K prior

Marvion Inc.MVNCN/A
$100K
$100K4

Steady

-100% (count)

Ambow Education Holding Ltd.AMBOHorizontal Consolidation
$100K
$100KN/A

Steady

no signal

Sunlands Technology GroupSTGN/A
$100K
$100KN/A

Paused

$100K prior

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“continued consolidation of distribution customers and production studios”

Warner Bros. Discovery, Inc.WBDFY2025

“Hometrack Australia is a provider of property data services to the financial sector and allows REA Group to deliver more property data and insights to its customers.”

News CorporationNWSFY2018

“On November 20, 2020, we acquired the television station KCDO in the Denver, Colorado market.”

THE E.w. Scripps CompanySSPFY2020

“We will continue to enhance our application programming interface features to reach a broader audience and expand our digital ticketing rollout”

Live Nation Entertainment, Inc.LYVFY2023

“we have pursued and intend to continue to pursue selective strategic acquisitions of businesses that complement our existing businesses”

NEW Oriental Education & Technology Group Inc.EDUFY2011

“Our growth may be limited if we are unable to implement an acquisition strategy and our operating results may be adversely affected if we are unable to successfully integrate any future acquisition;”

Nexstar Media Group, Inc.NXSTFY2024

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Entertainment, Venues & Content

453

Theaters, live entertainment, filmed content, music, venues, games, and audience platforms.

Buyers

58

Core

30

Spend

$146.3B

2006–2025 · last year 36

Broadcast & Local Media

298

Television, radio, station groups, local media footprints, and audience reach.

Buyers

15

Core

9

Spend

$23.8B

2006–2025 · last year 2

Education & Training Services

243

Higher education, online learning, workforce training, assessment, tutoring, and credentialing platforms.

Buyers

34

Core

14

Spend

$23.3B

2006–2025 · last year 34

Publishing & Information Content

274

Newspapers, books, journals, education content, professional publishing, and subscription content.

Buyers

7

Core

4

Spend

$6.9B

2006–2025 · last year 2

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0811622006: 51 buys · $1.4B spend · 15 buyers2007: 47 buys · $2.3B spend · 14 buyers2008: 46 buys · $887M spend · 14 buyers2009: 12 buys · $699M spend · 7 buyers2010: 23 buys · $1.6B spend · 6 buyers2011: 52 buys · $3.2B spend · 19 buyers2012: 29 buys · $1.4B spend · 16 buyers2013: 83 buys · $6.7B spend · 15 buyers2014: 51 buys · $3.4B spend · 18 buyers2015: 70 buys · $4.8B spend · 18 buyers2016: 162 buys · $5.2B spend · 24 buyers2017: 119 buys · $8B spend · 22 buyers2018: 77 buys · $10.1B spend · 21 buyers2019: 85 buys · $44B spend · 31 buyers2020: 52 buys · $6.2B spend · 28 buyers2021: 67 buys · $13.7B spend · 33 buyers2022: 67 buys · $54.9B spend · 33 buyers2023: 33 buys · $14.4B spend · 24 buyers2024: 56 buys · $12.6B spend · 24 buyers2025: 70 buys · $4.8B spend · 22 buyers2006: 51 buys · $1.4B spend · 15 buyers2007: 47 buys · $2.3B spend · 14 buyers2008: 46 buys · $887M spend · 14 buyers2009: 12 buys · $699M spend · 7 buyers2010: 23 buys · $1.6B spend · 6 buyers2011: 52 buys · $3.2B spend · 19 buyers2012: 29 buys · $1.4B spend · 16 buyers2013: 83 buys · $6.7B spend · 15 buyers2014: 51 buys · $3.4B spend · 18 buyers2015: 70 buys · $4.8B spend · 18 buyers2016: 162 buys · $5.2B spend · 24 buyers2017: 119 buys · $8B spend · 22 buyers2018: 77 buys · $10.1B spend · 21 buyers2019: 85 buys · $44B spend · 31 buyers2020: 52 buys · $6.2B spend · 28 buyers2021: 67 buys · $13.7B spend · 33 buyers2022: 67 buys · $54.9B spend · 33 buyers2023: 33 buys · $14.4B spend · 24 buyers2024: 56 buys · $12.6B spend · 24 buyers2025: 70 buys · $4.8B spend · 22 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)