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| Consolidation is inescapable. Although many high-profile linkages have fallen short of their potential, there remain numerous examples where acquisitions have created significant shareholder value, ranging from radio stations, TV stations, cable networks and cable systems, to local newspapers and monthly magazines. We provide objective counsel at all stages of the acquisition process, from conception to integration. |
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Post-merger integration
A global diversified media company was engaged in a post-merger management program designed to aggressively identify synergies to reduce costs and drive new revenue. A McKinsey team managed a data-driven initiative that identified key technology opportunities in the areas of administration, applications support, data center operations, desktops/LAN support, telecommunications and networking. The team developed an implementation approach for realizing identified the opportunities which included financial valuation models and a plan that identified critical milestones and addressed implementation challenges. In addition, the team led discussions with key business sponsors to ensure buy-in and established a program management office to support post-merger integration. Cost savings of $40 million to $70 million were identified as a result of the study, fully half of which were achieved in the first year of implementation.
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Divestiture review
McKinsey was engaged by a financial services company to evaluate potential divestiture of its small portfolio of television and radio stations. The team identified station group operating improvements through benchmarking and operations diagnostic analysis. The client decided to hold the assets and aggressively drive performance, and to reevaluate divestiture as the FCC eases ownership restrictions.
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Post-merger integration
McKinsey was engaged by the cable TV operation of a diversified media company to integrate a major regional acquisition that increased its national subscriber base by 30 percent. As a result of managing the post-merger integration process, the client was able to accelerate the integration of the new subscribers, rationalize its cost base and launch profitable new services taking advantage of regional leadership.
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