Mergers, Acquisitions & Divestments

Phillip Covell

Industry Cycles & Consolidation Pressure

 

The Film & TV and Media industry moves in cyclical patterns of consolidation and fragmentation, with waves of merger, acquisition, and divestment typically unfolding over 7–10 year intervals. Growth often follows technological inflection points or surges in production demand, while consolidation tends to follow periods of economic or structural disruption.

 

The industry is currently in a deep consolidation phase. The combined effects of the pandemic and the 2023 strikeshave left much of the sector under pressure, particularly across infrastructure, services, and the supply chain. In this environment, merger and acquisition strategies are increasingly seen as essential for scale, resilience, and survival.

 

Corporate Integration & International Expansion

 

My experience spans both practical integration and strategic financial planning. I worked with the leadership team that acquired and consolidated multiple companies into a PLC-listed group, overseeing cross-functional integration, asset-level rationalisation, and strategic repositioning across equipment, studios, and services. Our operations extended across the UK, Ireland, and Los Angeles (Format Filters), providing direct insight into cross-border structuring and regional alignment.

 

AVTN: A Strategic Roll-Up Model at Scale

 

In parallel, my work as CEO and principal architect of AVTN NewsNet247 involved modelling a global-scale, vertically integrated media platform. That proposal incorporated the consolidation of supply-side operations, news gathering, playout, language services, satellite uplink, distribution, and infrastructure, into a single strategic entity. The financial model covered 88 countries and regions, and included cost-per-thousand (CPT) analysis, audience conversion modelling, cashflow, dividend structures, and deficit/surplus risk across multiyear scenarios.

 

In 2021, I proposed a Special Purpose Acquisition Company (SPAC) to consolidate strategically aligned assets across the Film & TV supply chain. While that vehicle was ultimately not deployed, a number of the targeted businesses were later acquired, validating the commercial logic underpinning the original model.

 

Exit Strategy Realism & Industry Misconceptions

 

In capital-intensive segments such as equipment rental, post-production, and broadcast services, profitable exits are rarely straightforward. Achieving them requires deep sector knowledge, accurate valuation, integration discipline, and a sharp understanding of the industry’s cyclical nature.

 

Restructuring & Change Leadership

 

Mergers and acquisitions don’t end at the deal, post-transaction restructuring, transition planning, and change management are critical to unlocking long-term value. I’ve worked across complex organisational realignments, including team consolidation, service repositioning, and operational stabilisation, often in time-sensitive or resource-constrained environments.

 

Strategic Value, Alignment & Long-Term Fit

 

For companies navigating merger, acquisition, or divestment, I bring decades of direct, hands-on experience in identifying structural efficiencies, alignment opportunities, and long-term value, supported by strategy, discretion, and operational credibility.