Technology, Media & Telco (TMT)


Deals Activity: Moderate

Restructuring Activity: High

While there is pressure on traditional media, online channels continue to perform strongly.

Deals activity in Media

1. The sector has seen high deal volumes in recent years despite a material dip during the pandemic.

2. There has been significant consolidation in recent years across regional print to benefit from copy sharing and reduced operational overheads.

3. More widely, the sector has seen significant inward investment, particularly within supply chains.

Restructuring activity in Media

The print media sector continues to struggle with declining circulation and advertising revenues, which are typically only partially mitigated by growth in digital channels.

Following the surge in television production spending in recent years, supported by the growth of video-on-demand subscriptions, the sector is likely to see a tail off in spending on new film and TV productions. This may impact the wider sector supply chain.

The video game sector remains incredibly strong and there remains a number of potential M&A opportunities.


Covering ‘traditional’ media such as news and magazine publishers through to television and radio and into the digital space, the sector is broadly defined. We fully expect the blurring of the lines between media and technology sectors – a feature of the space for several years – to continue.


Traditional print newspaper circulations have continued to fall in recent years, with little sign of the decline tailing off. The regional press has been hit particularly hard. The impact of continued cost savings is increasingly visible to consumers as national copy is replicated in purportedly local papers. Meanwhile, advertising budgets continue to be reassigned to more targeted online channels, which can be more cost-effective and provide demonstrable return on investment. Market consolidation is likely to persist if smaller regional operators continue to struggle to generate profits. Non-core divestment could help some businesses survive. Larger media conglomerates will certainly be looking to make acquisitions, increasing market share and reducing overall costs through further syndication. That said, many of the quality titles have shown online paywalls are a viable business model and a multimodal distribution strategy can continue to deliver quality content to consumers.

TV & Film

The streaming boom in recent years has seen an unprecedented jump in UK spending on television and film production, with investment in new sound stages and studios. Supply and demand have pushed up profitability across the sector, making it more difficult for traditional public service broadcasters to compete. With the growth in streaming beginning to tail-off, there is a possibility the inexorable growth of TV production may also slow.

The sector isn't immune to the issues of rising costs and squeezed disposable income. Operators will need to manage costs effectively to maintain acceptable bottom-line profitability, while continuing to make targeted investment decisions that will deliver consumer value.

Find Your Expert

Mark Raddan is Interpath Lead for the wider Technology, Media and Telecommunications sector. Jon Parker leads our approach to the Media sub-sector nationally. For a full list of our senior people with experience in this area use the button below.

Our senior team