NEW YORK, March 9, 2017 /PRNewswire/ --
Revenues for the global entertainment and media market are projected to increase at a compound annual growth rate of 5.1% over the coming five years, reaching $2.23trn in 2019, according to a PWC research report. While non-digital media is still expected to contribute about 80% of the market's revenue by 2019, the actual digital media segment of the market is projected to show even stronger growth rates. The power of digital media is reflected in digital advertising revenues, which are projected to grow at a CAGR of 4.7% to 2019. FunctionX Inc. (NASDAQ: FNCX), Tegna Inc. (NYSE: TGNA), Gannett Co Inc. (NYSE: GCI), Time Inc. (NYSE: TIME), Yahoo Inc. (NASDAQ: YHOO)
The report indicates, that while the pace of industry growth will vary widely in different markets, 'it's apparent that when consumers around the world become connected, their behavior becomes more similar, subject to two differentiators. The first is the quality of the available infrastructure for consuming content. The second is consumers' common desire for content experiences that are relevant to them personally - which is why, even in a globalized world, meeting local preference remains critical.' Marcel Fenez, PwC's Global leader in entertainment and media, commented on the market, "Digital or non-digital - for consumers it's all about content experiences. Given the wide variations in consumer preferences, the challenge for entertainment and media companies are to blend data insights and consumer intuition, to maximize the value of the experiences they offer. The prize for achieving this is heightened by the fact that the consumer has never been more up for grabs than today."
FunctionX Inc. (NASDAQ: FNCX) is a social publishing and interactive media platform. Yesterday the company announced the signing of a binding term sheet, to acquire all equity interests in BumpClick LLC.
BumpClick is a media company that uses technology and industry relationships, to maximize distribution and revenue from its network of websites and social assets that total more than 60M social followers.
"We are excited to acquire a rapidly growing digital platform, especially one run by an experienced industry professional," said Robert FX Sillerman, Executive Chairman and CEO of FunctionX. "We believe that the synergies between our two companies are substantial, and when combined with Sean's expertise and experience, this acquisition will be instantly accretive to our business. As indicated in the recently completed public offering registration statement, strategic acquisitions such as BumpClick are an integral part of our strategy. We are thrilled to have come to agreement."
In addition, on March 1st FunctionX Inc. announced that, immediately preceding the close of the offering, in accordance with statements previously made and pursuant to his Exchange Agreement, Mr. Robert F.X. Sillerman, Executive Chairman and Chief Executive Officer, converted approximately $36,964,000 of Preferred Equity into Common Stock at a price of $2.34 a share, resulting in the issuance of 15,796,489 shares to Mr. Sillerman's affiliates.
"With these conversions, I am able to deliver upon a promise that I made to investors when we set out on this journey," said Robert F.X. Sillerman. "These conversions reinforce my commitment and serve as a vote of confidence in the direction the Company is headed. As evidenced by the growth of revenue in our core publishing business, FNCX is positioned to become a preeminent Digital Media Platform. With the conversion of my preferred equity, we can begin the acquisition program that is core to our long-term strategy."
Tegna Inc. (NYSE: TGNA) is comprised of a dynamic portfolio of media and digital businesses that provide content that matters and brands that deliver. TEGNA offers highly relevant, useful and smart content, when and how people need it, to make the best decisions possible. TEGNA Media includes 46 television stations and is the largest independent station group of major network affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide. TEGNA Digital is comprised of Cars.com, the leading online destination for automotive consumers, CareerBuilder, a global leader in human capital solutions, and G/O Digital, a customized local digital marketing company.
Gannett Co Inc. (NYSE: GCI) is a media company dedicated to strengthening communities across our network. Through its content and unmatched local-to-national reach, Gannett reaches 110 million people monthly and has 120 markets internationally. The company is known for newsrooms, powerhouse brands such as USA TODAY and specialized media properties. USA TODAY NETWORK is the largest local-to-national media network in the country. Powered by integrated and award-winning news organizations with deep roots in 109 local communities, plus USA TODAY, the multiplatform news network informs and engages over a hundred million people every month, through its diverse portfolio of digital, mobile, and publishing products.
Time Inc. (NYSE: TIME) is a content company that engages over 150 million consumers every month, through its portfolio of premium brands across platforms. By combining distinctive content with its proprietary data and people-based targeting, Time offers differentiated end-to-end solutions to marketers across the multi-media landscape. The company's influential brands include People, Time, Fortune, Sports Illustrated, InStyle, Real Simple and Southern Living, as well as more than 50 diverse titles in the United Kingdom. Time has been extending other brands through various acquisitions and investments, including Viant, an advertising technology firm with a specialized people-based marketing platform, The Foundry, Time Inc.'s creative lab and content studio, and the People Entertainment Weekly Network. The company is also home to celebrated events, such as the Time 100, Fortune Most Powerful Women, People's Sexiest Man Alive, Sports Illustrated's Sportsperson of the Year, the Essence Festival and the Food & Wine Classic in Aspen.
Yahoo! Inc. (NASDAQ: YHOO) is a guide to digital information discovery, focused on informing, connecting, and entertaining users through its search, communications, and digital content products. By creating highly personalized experiences, Yahoo helps users discover the information that matters most to them around the world, on mobile or desktop. Yahoo connects advertisers with target audiences through a streamlined advertising technology stack that combines the power of Yahoo's data, content, and technology.
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