Completion or Abandonment of Mergers and Acquisitions: Evidence from the Newspaper Industry, 1981–2000

Katrin Susanne Muehlfeld · Padma Rao Sahib · Arjen C. van Witteloostuijn

62 citations0/0 files storedJournal of Media Economics

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Corporate Finance and Governance Journalism and Media Studies Merger and Competition Analysis

Abstract

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.

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References

1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 2019American Economic Review 1991Organizational Learning: The Contributing Processes and the Literatures n.d.A model of investor sentiment /1986The Hubris Hypothesis of Corporate Takeovers 1990Managerial discretion and optimal financing policies 1996What Firms Do? Coordination, Identity, and Learning 1998A model of investor sentiment1We are grateful to the NSF for financial support, and to Oliver Blanchard, Alon Brav, John Campbell (a referee), John Cochrane, Edward Glaeser, J.B. Heaton, Danny Kahneman, David Laibson, Owen Lamont, Drazen Prelec, Jay Ritter (a referee), Ken Singleton, Dick Thaler, an anonymous referee, and the editor, Bill Schwert, for comments.1

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2013Economic nationalism and foreign acquisition completion: The case of China 2016The determinants of location choice 2012A contextual theory of organizational learning from failures and successes: a study of acquisition completion in the global newspaper industry, 1981-2008 2011Mergers and acquisitions in the global food processing industry in 1986–2006

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