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


  • Katrin Muehlfeld
  • Padma Rao Sahib
  • Arjen van Witteloostuijn


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.

Suggested Citation

  • Katrin Muehlfeld & Padma Rao Sahib & Arjen van Witteloostuijn, 2007. "Completion or Abandonment of Mergers and Acquisitions: Evidence from the Newspaper Industry, 1981-2000," Journal of Media Economics, Taylor & Francis Journals, vol. 20(2), pages 107-137.
  • Handle: RePEc:taf:jmedec:v:20:y:2007:i:2:p:107-137 DOI: 10.1080/08997760701193746

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    References listed on IDEAS

    1. Jeffrey K. MacKie-Mason & Hal Varian, 1994. "Economic FAQs About the Internet," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 75-96, Summer.
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    4. MacKie-Mason, J.K. & Varian, H.L., 1993. "Some Economists of the Internet," Papers 93-16, Michigan - Center for Research on Economic & Social Theory.
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    Cited by:

    1. Chenxi Zhou & Jinhong Xie & Qi Wang, 2016. "Failure to Complete Cross-Border M&As: “To” vs. “From” Emerging Markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 47(9), pages 1077-1105, December.
    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.
    3. Xie, En & Reddy, K.S. & Liang, Jie, 2017. "Country-specific determinants of cross-border mergers and acquisitions: A comprehensive review and future research directions," Journal of World Business, Elsevier, vol. 52(2), pages 127-183.
    4. repec:bla:stratm:v:38:y:2017:i:9:p:1915-1934 is not listed on IDEAS
    5. Yanga, Shuying & Kim, Seongcheol, 2017. "Do Cross-border M&As by Chinese Media and Entertainment Firms Create Value? Evidence from US-targeted and Korea-targeted Deals," 14th ITS Asia-Pacific Regional Conference, Kyoto 2017: Mapping ICT into Transformation for the Next Information Society 168549, International Telecommunications Society (ITS).
    6. 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.

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