Media sector mergers seen few and far between

Takeovers in the media sector are likely to be few and far between until at least next year, especially given the high gearing and shaky cashflows of many firms in the industry, bankers and financiers said. Despite apparent bargain valuations close to six-year lows, and signs of improvement in some debt markets, there are obstacles. There is a large gap between buyers' and sellers' expectations, and the industry has structural challenges. "There aren't really many signs of M&A (mergers and acquisitions) coming back," said Geoffrey Austin, global co-head of media at Deutsche Bank.