"A list of recent M&A in the sector is below. But first, here are the single folks still waiting to be scooped up:
aQuantive (
AQNT), Valueclick (
VCLK), Burst Media, and AdPepper, the latter two of which trade on London's AIM. How much might the U.S. ones go for? AQNT is worth $44 if you use the 24/7 Real Media, Inc. (
TFSM) take-out multiple (23x), $60 if you use the DoubleClick multiple (33x), and $75 if you use the Right Media multiple (10x EV/Revs). VCLK is worth $44 if you use the TFSM multiple, $66 if you use DCLK, $70 if you use Right Media. And then of course there are all the private beauties: Blue Lithium, Tacoda, Efficient Frontier, Did-It, etc. Go to it, bankers!
Recent Digital Advertising M&A
Google (
GOOG) for
Doubleclick: $3.1b cash (32x '07 EBITDA - my estimate) - ad serving, SEM, affiliate network
Publicis (
PUB) for
Digitas: $1.3b cash (16x '07 EBITDA) - digital ad agency
Yahoo (
YHOO) for 80%
Right Media: $680m cash & stock - implied value = $850m (10x revs - rumored value) - ad media exchange
WPP (
WPPGY) for
24/7 Real Media: $649m cash (23x '07 EBITDA) - media network, ad serving, SEM
aQuantive for
Accipiter: $30m - publisher side ad server
aQuantive for
Duke Digital Marketing: $8m + earnout - European digital ad agency
AOL (
TWX) for
AdTech: terms undisclosed - European ad server
Aegis for
Trigger Communications: terms undisclosed - digital ad agency
Fox Interactive Media (
NWS) for
Strategic Data Corp: terms undisclosed - publisher side ad server and site optimization
Doubleclick for
Falk eSolutions: terms undisclosed - European ad server"