{"id":69522,"date":"2026-03-24T17:17:03","date_gmt":"2026-03-24T16:17:03","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69522"},"modified":"2026-04-14T18:19:06","modified_gmt":"2026-04-14T16:19:06","slug":"ma-transaction-analysis-digital-media-spain-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/analisis-transacciones-ma-digital-media-espana-2025\/","title":{"rendered":"Analysis of the Major M&amp;A Transactions in the Digital Media Sector in Spain in 2025"},"content":{"rendered":"<p>The <strong>M&amp;A marketin in Spain's <a href=\"https:\/\/techma.bakertilly.es\/en\/companies\/digital-media-advertising\/\" target=\"_blank\" rel=\"noreferrer noopener\">Digital Media sector<\/a> en Espa\u00f1a<\/strong> reached a turning point in 2025. After two years of valuation adjustments and growth rationalization, the sector has entered a new phase characterized by <strong>consolidation, the pursuit of scale, and strategic control of intellectual property (IP)<\/strong>.<\/p>\n\n\n\n<p>In this context, <strong>mergers and <a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">acquisitions involving technology companies<\/a><\/strong> 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.<\/p>\n\n\n\n<p>From the perspective of <strong>technology M&amp;A<\/strong>, 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Situacion_del_M_A_en_Digital_Media\"><\/span>The state of M&amp;A in Digital Media<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The volume of <strong>transactions in 2025 has exceeded that of previous years<\/strong>, driven primarily by two factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Private Equity: Leading <em>buy-and-build<\/em> buy-and-build in a Highly Fragmented Sector<\/li>\n\n\n\n<li>Industrial groups: making acquisitions to vertically integrate key capabilities (content, distribution, data)<\/li>\n<\/ul>\n\n\n\n<p>For any transaction involving the <strong>purchase or sale of technology companies in the media sector<\/strong>, 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Crecimiento_de_la_produccion_audiovisual\"><\/span>Growth in audiovisual production<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the most active trends in <strong>M&amp;A within the media and entertainment sector<\/strong> has been the acquisition of audiovisual production companies. Acquisitions by international players, such as the purchase of <strong>Plano a Plano by the British company ITV Studios<\/strong> , underscore the value of Spanish-language content for the global streaming market.<\/p>\n\n\n\n<p>Meanwhile, <strong>Squirrel Media<\/strong> has continued its aggressive strategy of inorganic growth. Its acquisition of <strong>Grupo Ganga<\/strong> (behind such historic hits as \u201cCu\u00e9ntame c\u00f3mo pas\u00f3\u201d) strengthens Squirrel\u2019s position as the leading independent player in content creation and audiovisual rights management in Spain.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Similarly, the acquisition of <strong>Onza<\/strong> by <strong>Culture Cap and Blackpearl<\/strong> 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_regreso_del_sector_editorial\"><\/span>The comeback of the publishing industry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the most significant developments of 2025 has been the intense M&amp;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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Editorial P\u00e1ramo acquires Librer\u00eda Maxtor<\/strong><\/li>\n\n\n\n<li><strong>Grup 62 acquires Edicions del Periscopi<\/strong><\/li>\n\n\n\n<li><strong>Lantia acquires C\u00edrculo Rojo<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Why are there acquisitions in a sector that appears to be \u2018analogue\u2019 in the midst of the digital age?<\/strong><\/p>\n\n\n\n<p>There are three key strategic reasons:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_IP_Propiedad_intelectual_como_activo_principal\"><\/span>IP (Intellectual Property) as a key asset<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The book has become the first link in the content value chain; it is the most cost-effective R&amp;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.<\/p>\n\n\n\n<p>For investors and media groups, this <strong>reduces production risk<\/strong> and improves the expected return.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_valor_de_la_curaduria_y_la_comunidad\"><\/span>The value of curation and community<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Brand positioning<\/strong><\/li>\n\n\n\n<li><strong>Direct engagement with niche communities<\/strong><\/li>\n\n\n\n<li><strong>Prescription authority<\/strong><\/li>\n<\/ul>\n\n\n\n<p>This explains why major groups such as <strong>Grup 62<\/strong> are keen to integrate these assets into their ecosystem.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Escala_y_eficiencia_operativa\"><\/span>Scale and operational efficiency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The publishing sector is also undergoing its own industrial consolidation:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Print on demand<\/li>\n\n\n\n<li>Self-publishing platforms<\/li>\n\n\n\n<li>Automation of publishing processes<\/li>\n<\/ul>\n\n\n\n<p>This is demonstrated by the acquisition of <strong>C\u00edrculo Rojo<\/strong> by <strong>Lantia<\/strong>, 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AdTech_innovacion_en_Video_AI\"><\/span>AdTech: Innovation in AI Video<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<p><strong>1. AI applied to audiovisual content<\/strong><\/p>\n\n\n\n<p>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 <strong>Vidext's<\/strong>funding round, backed by <strong>4Founders Capital<\/strong> and <strong>Banco Sabadell<\/strong>, which highlights the importance of generative artificial intelligence applied to corporate video. We previously mentioned this deal in our <a href=\"https:\/\/techma.bakertilly.es\/en\/technology-mergers-and-acquisitions-in-spain-september-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis of the most notable M&amp;A deals of September 2025<\/a>.<\/p>\n\n\n\n<p>In the context of <strong>acquisitions of technology companies<\/strong>, this means that the focus is shifting towards business use cases, proprietary technology and product scalability.<\/p>\n\n\n\n<p><strong>2. Immersive experiences and \u2018phygital\u2019 models<\/strong><\/p>\n\n\n\n<p>The convergence of the physical and digital worlds is opening up new opportunities in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Virtual reality<\/li>\n\n\n\n<li>Immersive experiences<\/li>\n\n\n\n<li>New forms of entertainment<\/li>\n<\/ul>\n\n\n\n<p>One of the key developments in this area has been the <strong>God\u00f3 Group\u2019s investment in Layers of Reality<\/strong>. This transaction is notable for its investment in AI capabilities, ensuring the group does not miss out on the shift in consumer habits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operaciones_destacadas_en_Digital_Media_Espana_2025\"><\/span>Key operations at Digital Media Spain 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The analysis of transactions confirms the structural trends in the sector:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Data-driven platforms<\/strong> continue to attract significant investment, as demonstrated by <strong>Fever's <\/strong>$100 million funding round<\/li>\n\n\n\n<li><strong>Content and information agencies<\/strong> are moving towards more efficient and digitalised models. <\/li>\n\n\n\n<li><strong>Music industry<\/strong>: consolidation continues in digital distribution and rights management<\/li>\n<\/ul>\n\n\n\n<p>Taken together, these transactions reveal a common pattern: the market rewards models that combine audience reach, technology and efficient monetisation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFQue_se_espera_en_el_mercado_en_M_A_en_2026\"><\/span>What can we expect from the M&amp;A market in 2026?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Looking ahead to 2026, we have identified three key strategic priorities:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Integracion_de_la_inteligencia_artificial\"><\/span>1. Integration of artificial intelligence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Monetizacion_del_dato_propio_first-party_data\"><\/span>2. Monetising first-party data<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The end of third-party cookies reinforces the value of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Own audiences<\/li>\n\n\n\n<li>Vertical markets<\/li>\n\n\n\n<li>Subscription models or community-based models<\/li>\n<\/ul>\n\n\n\n<p>This will have a direct impact on valuations in M&amp;A transactions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Consolidacion_del_sector_editorial\"><\/span>3. Consolidation of the publishing sector<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_M_A_en_Digital_Media_en_2026\"><\/span>M&amp;A in the Digital Media sector in 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>El <strong>Digital Media in Spain<\/strong> is establishing itself as one of the most dynamic sectors for M&amp;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.<\/p>\n\n\n\n<p>For shareholders and management teams, this presents an opportunity to prepare the company for a <strong>sale or the entry of new investors<\/strong>, thereby maximising its value in an increasingly competitive market.<\/p>\n\n\n\n<p>In this context, specialist advice on <strong>technology M&amp;A<\/strong> is not optional, but a critical factor in realising the full potential of the transaction. Baker Tilly\u2019s leadership in <strong>M&amp;A transactions within the Technology, Media and Telecommunications (TMT)<\/strong> is underpinned by a clear value proposition:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Specialising in the <strong>technology middle market<\/strong><\/li>\n\n\n\n<li>Experience in the <strong>acquisition and sale of technology companies<\/strong><\/li>\n\n\n\n<li>Ability to connect investors with strategic opportunities<\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>","protected":false},"excerpt":{"rendered":"<p>El mercado de M&amp;A en el sector Digital Media en Espa\u00f1a ha vivido en 2025 un punto de inflexi\u00f3n. Tras dos a\u00f1os de ajuste en valoraciones y racionalizaci\u00f3n del crecimiento, el sector ha entrado en una nueva fase marcada por la consolidaci\u00f3n, la b\u00fasqueda de escala y el control estrat\u00e9gico de la propiedad intelectual (IP). [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":69524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[222],"tags":[],"sectores":[2214],"tipo-contenido":[2260],"class_list":["post-69522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","sectores-digital-media-advertising","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=69522"}],"version-history":[{"count":3,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69522\/revisions"}],"predecessor-version":[{"id":69540,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69522\/revisions\/69540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/69524"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=69522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=69522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=69522"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=69522"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=69522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}