M&A activity levels remain strong in digital media driven by high liquidity levels, investor and corporate confidence, and positive macro drivers.

Four key themes we are seeing are:

1. Large advertising groups continue to double-down on data-driven acquisitions

2. Social media marketing specialists attract both PE and trade interest

3. Traditional media groups continue to seek new routes to market

4. Providers of truly integrated, real-time digital marketing services attract the highest valuations.