Completion or abandonment of mergers and acquisitions: Evidence from the newspaper industry, 1981-2000

Katrin Muehlfeld*, Padma Rao Sahib, Arjen van Witteloostuijn

*Bijbehorende auteur voor dit werk

OnderzoeksoutputAcademicpeer review

40 Citaten (Scopus)


Regulatory and technological changes have resulted in a surge in merger and acquisition (M&A) activity in the newspaper industry since the 1980s. This study investigates the "success" of these activities focusing on a particular facet of acquisition performance. We study the completion likelihood of an announced transaction, using a sample of M&A announcements from the newspaper industry (1981-2000). Results show that although firm-level characteristics are relevant, transaction-specific and regulatory factors are even more important. Not surprisingly, the attitude of the transaction - whether hostile or friendly - is a key factor, as are the method of payment and the percentage of control sought by the acquirer. The latter in particular reaffirms the prevailing view on the importance of regulatory influences on media M&As.

Originele taal-2English
Pagina's (van-tot)107-137
Aantal pagina's31
TijdschriftJournal of Media Economics
Nummer van het tijdschrift2
StatusPublished - 2007

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