The M&A marketin in Spain's Digital Media sector en España reached a turning point in 2025. After two years of valuation adjustments and growth rationalization, the sector has entered a new phase characterized by consolidation, the pursuit of scale, and strategic control of intellectual property (IP).
In this context, mergers and acquisitions involving technology companies have become increasingly sophisticated. It is no longer simply a matter of growth, but of building integrated platforms where content, technology and distribution generate sustainable competitive advantages.
From the perspective of technology M&A, we observe that financial investors and industrial buyers are implementing complementary strategies to capture value in an ecosystem that is increasingly hybrid, blending digital and traditional elements.
The state of M&A in Digital Media
The volume of transactions in 2025 has exceeded that of previous years, driven primarily by two factors:
- Private Equity: Leading buy-and-build buy-and-build in a Highly Fragmented Sector
- Industrial groups: making acquisitions to vertically integrate key capabilities (content, distribution, data)
For any transaction involving the purchase or sale of technology companies in the media sector, this implies a clear reality: value no longer lies solely in current EBITDA, but in the ability to scale content, technology, and audience in an integrated manner.
Growth in audiovisual production
One of the most active trends in M&A within the media and entertainment sector has been the acquisition of audiovisual production companies. Acquisitions by international players, such as the purchase of Plano a Plano by the British company ITV Studios , underscore the value of Spanish-language content for the global streaming market.
Meanwhile, Squirrel Media has continued its aggressive strategy of inorganic growth. Its acquisition of Grupo Ganga (behind such historic hits as “Cuéntame cómo pasó”) strengthens Squirrel’s position as the leading independent player in content creation and audiovisual rights management in Spain.
For shareholders of production companies, this situation presents a window of opportunity: companies with their own catalog, a proven track record in production, and the ability to develop scalable formats are on the radar of international buyers.
Similarly, the acquisition of Onza by Culture Cap and Blackpearl demonstrates how private equity is making a strong push into the film and television production sector, viewing content as a resilient asset class with predictable cash flows.
The comeback of the publishing industry
One of the most significant developments of 2025 has been the intense M&A activity in the publishing and bookselling sector, which may seem counterintuitive in the midst of the digital age. Three deals in particular have stood out:
- Editorial Páramo acquires Librería Maxtor
- Grup 62 acquires Edicions del Periscopi
- Lantia acquires Círculo Rojo
Why are there acquisitions in a sector that appears to be ‘analogue’ in the midst of the digital age?
There are three key strategic reasons:
IP (Intellectual Property) as a key asset
The book has become the first link in the content value chain; it is the most cost-effective R&D laboratory. Acquiring a publishing house no longer means buying a traditional business, but gaining access to market-proven intellectual property with potential for adaptation into audiovisual formats.
For investors and media groups, this reduces production risk and improves the expected return.
The value of curation and community
In an environment saturated with content (including AI-generated content), the credibility of a publishing house becomes a key differentiator. Independent publishers and specialist bookshops offer:
- Brand positioning
- Direct engagement with niche communities
- Prescription authority
This explains why major groups such as Grup 62 are keen to integrate these assets into their ecosystem.
Scale and operational efficiency
The publishing sector is also undergoing its own industrial consolidation:
- Print on demand
- Self-publishing platforms
- Automation of publishing processes
This is demonstrated by the acquisition of Círculo Rojo by Lantia, a specialist in publishing services and technology. Operations in this sector aim to achieve economies of scale in order to improve margins in a historically fragmented industry.
AdTech: Innovation in AI Video
The venture capital sector has continued to drive innovation in digital media, with a focus on efficiency and new forms of consumption. Two trends stand out in particular:
1. AI applied to audiovisual content
The use of artificial intelligence to generate video is redefining production costs, thereby lowering the barriers to entry for creating corporate and advertising content. One example of this is Vidext'sfunding round, backed by 4Founders Capital and Banco Sabadell, which highlights the importance of generative artificial intelligence applied to corporate video. We previously mentioned this deal in our analysis of the most notable M&A deals of September 2025.
In the context of acquisitions of technology companies, this means that the focus is shifting towards business use cases, proprietary technology and product scalability.
2. Immersive experiences and ‘phygital’ models
The convergence of the physical and digital worlds is opening up new opportunities in:
- Virtual reality
- Immersive experiences
- New forms of entertainment
One of the key developments in this area has been the Godó Group’s investment in Layers of Reality. This transaction is notable for its investment in AI capabilities, ensuring the group does not miss out on the shift in consumer habits.
Key operations at Digital Media Spain 2025
The analysis of transactions confirms the structural trends in the sector:
- Data-driven platforms continue to attract significant investment, as demonstrated by Fever's $100 million funding round
- Content and information agencies are moving towards more efficient and digitalised models.
- Music industry: consolidation continues in digital distribution and rights management
Taken together, these transactions reveal a common pattern: the market rewards models that combine audience reach, technology and efficient monetisation.
What can we expect from the M&A market in 2026?
Looking ahead to 2026, we have identified three key strategic priorities:
1. Integration of artificial intelligence
AI is no longer a competitive advantage but is becoming the norm. Companies that fail to integrate these capabilities will face pressure on their margins and valuations.
2. Monetising first-party data
The end of third-party cookies reinforces the value of:
- Own audiences
- Vertical markets
- Subscription models or community-based models
This will have a direct impact on valuations in M&A transactions.
3. Consolidation of the publishing sector
Logistical efficiency and digital marketing capabilities are barriers that only large groups can overcome, which will force more independent publishers to seek refuge within larger structures. Independent companies will have to decide whether to scale up or join larger groups.
M&A in the Digital Media sector in 2026
El Digital Media in Spain is establishing itself as one of the most dynamic sectors for M&A activity. The combination of technology (AI, data, AdTech) and content (IP, production, publishing) is shaping an ecosystem in which scale, integration and technological capability are key.
For shareholders and management teams, this presents an opportunity to prepare the company for a sale or the entry of new investors, thereby maximising its value in an increasingly competitive market.
In this context, specialist advice on technology M&A is not optional, but a critical factor in realising the full potential of the transaction. Baker Tilly’s leadership in M&A transactions within the Technology, Media and Telecommunications (TMT) is underpinned by a clear value proposition:
- Specialising in the technology middle market
- Experience in the acquisition and sale of technology companies
- Ability to connect investors with strategic opportunities
Despite macroeconomic uncertainties, the strategic value of the audience and content remains the top priority for investors. Spain is establishing itself not only as a consumer market, but also as a hub for content creation and media technology with an international reach.