The M&A market in media, marketing, and martech has always favoured the bold — but 2025 is shaping up to favour the adaptable. We’re now entering what I’d call a Darwinian phase of dealmaking: where only the most strategically fit businesses survive, and often, that survival depends on who you partner with — or sell to.
A shrinking pie means sharper teeth
Let’s not sugar-coat it. The latest IPA Bellwether report paints a sobering picture — UK ad budgets are tightening, and core media investment is flatlining. In a world where the TAM (total addressable market) is shrinking, the only way many agencies and platforms can meet their growth targets is through acquisition. Inorganic growth is no longer a strategic luxury — it’s becoming a commercial necessity.
What the recent deals tell us
Even in a tough market, the right deals are still getting done — and they’re sending clear signals about where the industry is heading.
WPP’s acquisition of InfoSum underlines the value of privacy-first data infrastructure. Publicis Groupe’s move for Lotame shows the big networks are still shopping for audience tech. MediaOcean has acquired Innovid, bolstering its video and connected TV offering. Meanwhile, Experian picked up Audigent, and The Trade Desk acquired Sincera — both signs that ad tech and data analytics remain hot targets.
These aren’t volume plays — they’re capability acquisitions. And in almost every case, the buyers are looking for platform advantages, not just short-term revenue bumps.
AI: Still the Hottest Line on the Due Diligence Checklist
Beyond the headlines, many of these deals have a shared subtext: AI. Whether it’s customer data orchestration, content automation, or predictive analytics, acquirers are aggressively targeting businesses with real AI utility baked in. Not AI as a gimmick — but as an operating advantage.
From campaign optimisation to production efficiency, the message is clear: if your business can demonstrate practical, commercial AI capability, it’s going to earn attention.
It’s a Buyer’s Market – But That Doesn’t Mean It’s Easy
While valuations are still down from the 2021 froth, good businesses are still commanding healthy multiples — especially when the buyer sees synergy, scale, or talent value. But here’s the rub: strategic acquirers want certainty, story, and a clean set of books. If you’re hoping to sell, the days of vague growth narratives are over. This is where founders need to sharpen their exit story. Think like a buyer — and then some.
Predictions? Here’s What I See Coming
1. More mid-market roll-ups in martech and performance media
2. Data-rich publishers becoming hot targets for retail media buyers
3. US buyers shopping aggressively in the UK, especially in B2B tech and content
4. More founder re-entries: ‘sold in 2020, back for round two in 2025’
5. Consolidation fatigue by late 2026 — meaning the next 12–18 months is key
Final Thought
If you’re a founder thinking about growth or exit, remember this: the market may be tough, but it’s also revealing. Now’s the time to stress-test your positioning, tidy the numbers, and ask the hard questions. Because in today’s market, it’s not the biggest or the fastest who win — it’s the best prepared.
Main image by Pierre Bamin on Unsplash