KKR's growth investment in Next Issue Media, the "Netflix of magazines," certainly got its share of attention for being a relatively small deal at $50 million (more details below). Perhaps that's due to the increasing scarcity of these deals, as PE deal flow in B2C media companies is set to decline for the fifth straight year, according to the PitchBook Platform—the more notable deals (e.g. Vox Media, BuzzFeed) often involving venture funding.
Click to explore the data in the PitchBook Platform
Also noteworthy is the percentage drop in U.S. media companies receiving investments, having garnered a decade-low 52% of deals this year after claiming over 75% in 2006. As PE firms decrease activity, they've turned to value creation; add-ons worldwide have comprised 45% of the industry's completed transactions in 2014, a huge leap from the roughly 29% of the previous three years.
If you would like to see the full list of B2C media companies getting PE backing, or if you'd prefer similar data on another industry, contact us here.