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

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  • Katrin Muehlfeld
  • Padma Rao Sahib
  • Arjen van Witteloostuijn
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    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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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Media Economics.

    Volume (Year): 20 (2007)
    Issue (Month): 2 ()
    Pages: 107-137

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    Handle: RePEc:taf:jmedec:v:20:y:2007:i:2:p:107-137

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    Cited by:
    1. Zhang, Jianhong & He, Xinming, 2014. "Economic nationalism and foreign acquisition completion: The case of China," International Business Review, Elsevier, vol. 23(1), pages 212-227.
    2. Zhang, Jianhong & Zhou, Chaohong & Ebbers, Haico, 2011. "Completion of Chinese overseas acquisitions: Institutional perspectives and evidence," International Business Review, Elsevier, vol. 20(2), pages 226-238, April.

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