M&A advisory for streaming companies
Streaming M&A is a consolidation market. The 2020-21 land grab is over, sub-scale SVOD services are being absorbed or shut down, FAST and AVOD platforms are rolling up for advertising scale, and the surviving niche services are usually attractive as additions to a larger bundle. Multiples have reset toward content-margin and renewal economics rather than subscriber count.
Buyer interest concentrates in a small set of names. The global streamers and media holdcos - Netflix, Disney, Warner Bros Discovery, Paramount, Amazon and Apple - sit at the top of every buyer list, alongside the larger FAST and AVOD platforms running explicit roll-ups, telco and platform bundlers, and PE sponsors like KKR, Apollo, Blackstone and Providence Equity backing niche-vertical and FAST plays. Flow has direct access into these strategics and sponsors, which is what makes a sell-side process land on a real bid rather than a polite pass.
Flow team has relevant sector experience and has worked with streaming companies across SVOD and AVOD services, FAST channels, niche-vertical streamers, sports and live streaming, and creator and short-form platforms.
"Streaming" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing streaming M&A targets
Paid subscribers
ARPU
Monthly churn
Content hours watched
Content cost per engaged hour
Gross margin after content
AVOD CPM / fill rate
Trial to paid conversion
Cohort retention
CAC payback
Streaming valuations in May 2026
Public streaming comps trade at 1.4x EV/Revenue. Median revenue multiple across streaming M&A deals was 1.4x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public streaming companies
12x
Alphabet is the highest valued public streaming company based on EV/Revenue (excluding outliers)
1.4x
Median EV/Revenue across streaming M&A deals in the last 12 months
20x
Median EV/Revenue across streaming VC rounds in the last 12 months
Key recent streaming M&A deals
$112B acquisition of Warner Bros. Discovery by Paramount Skydance was the largest streaming M&A transaction completed in the last year.
See all streaming M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | Warner Bros. Discovery |  | Warner Bros. Discovery operates in three segments: streaming, studios, and linear networks. In 2026, it intends to split its networks from streaming and studios to form two separate companies. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner's own platforms. global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks. | Paramount Skydance | $112B | 3.0x | |
Dec-25 | T | TikTok (US operations) | | TikTok USDS is a joint venture operating the short-form video entertainment application in the United States. | ByteDanceOracle+1 | $18B | 1.1x |
Jun-25 | MultiChoice |  | MultiChoice is a South Africa-based operator of pay-television and internet subscriber platforms including the DStv digital satellite service launched in 1995. It provides video-on-demand and streaming content across Africa via multichoice.com. | Canal+ | $3.0B | 1.2x | |
Jul-25 | Bally's (international interactive unit) | | Bally’s International Interactive is the iGaming division of Bally’s Corporation that operates online casino, bingo, poker, and sports betting platforms across Europe and other regulated markets. The Excite Platform handles player account management, wallet services, and compliance, while the Engage Aggregator delivers over 2,000 games from suppliers including IGT, NetEnt, Evolution Gaming, and Playtech, plus proprietary slots from in-house studios. Flagship brands feature Jackpotjoy for bingo, unique poker variants like Wild Seat Poker, and free-to-play titles with community chat and live dealer streams. Licensed by the UK Gambling Commission, the unit serves players in the UK, Belgium, and Italy from its London headquarters, following Bally’s 2021 acquisition of Gamesys Group. | Bally's Intralot | $2.9B | 3.9x | |
Jun-25 | Ximalaya FM |  | Ximalaya FM is China's premier online audio sharing platform operated by Shanghai Ximalaya Network Technology Co., Ltd. The service allows users to create personal radio stations, share voice content, podcasts, audiobooks, and music through its flagship Ximalaya app launched in 2013. Headquartered in Shanghai with presence across Asia, the platform hosts thousands of certified audio creators and hundreds of thousands of established channels. It attracts millions of daily active users and secured Series A funding in 2014 before listing on the Hong Kong Stock Exchange in 2021. | Tencent Music Entertainment | $2.9B | 3.3x | |
Sep-25 | Vimeo | | Vimeo is a video platform offering hosting, collaboration, live streaming, and monetization tools for professionals and businesses. New York-headquartered Vimeo, founded in 2004, provides privacy controls and distribution options, serving creators, marketers, and enterprises with high-quality video management since its acquisition by IAC in 2014. | Bending Spoons | $1.3B | 3.1x | |
Mar-26 | LiveBarn | | LiveBarn delivers live and on-demand online broadcasts of amateur and youth sports from venues across the US and Canada using automated tracking technology. | Ascent Sports Group | $400M | 5.0x | |
Jan-26 | L | LiveBarn |  | LiveBarn is a platform delivering live and on-demand video streaming from sports facilities like ice rinks and indoor fields across North America. | GTCR | $400M | - |
Sep-25 | Seven West Media |  | Seven West Media operates Seven Network, a free-to-air TV network spread across five capital cities of Australia, as well as many regional markets via Prime. It also operates most of the newspapers circulating in Western Australia (including the main Perth masthead, The West Australian). In the Australian online market, Seven West Media runs broadcast video on demand, or BVOD, streaming service called 7plus. | Southern Cross Austereo | $273M | 0.3x | |
Oct-25 | FuboTV | | FuboTV Inc is a sports-first, live TV streaming company offering subscribers access to tens of thousands of live sporting events annually as well as news and entertainment content. Its platform, FuboTV, allows customers to access content through streaming devices and on SmartTVs, mobile phones, tablets, and computers. It offers subscribers a live TV streaming service with the option to purchase incremental features available for purchase that include additional content or enhanced functionality suited to their preferences. The company has one operating segment, the streaming business. Geographically, the company generates a majority of its revenue from the United States and also has a presence in other markets. | Disney | $220M | 0.1x | |
Jun-25 | Sky Deutschland |  | Sky Deutschland is a Munich-headquartered pay-TV and streaming provider serving 3.5 million subscribers in Germany and Austria as part of Comcast's Sky group. The company broadcasts over 100 HD channels including Bundesliga soccer matches, Premier League games, and original series via satellite and Sky Q boxes, alongside the WOW streaming app with 10,000 hours of on-demand content. Acquired by Comcast in 2018, Sky Deutschland generates €3.2 billion in annual revenue from sports rights and broadband bundles. | RTL Group | $175M | - | |
Sep-25 | Naxos International |  | Naxos International is a Hong Kong-headquartered digital distributor of classical music recordings, jazz, new age, educational content, and audiobooks. Founded in 1987, it streams over 150,000 tracks via Naxos.com, including labels like Marco Polo and Chandos. As a subsidiary of HNH International, the company supplies biographies, liner notes, and critic reviews to global subscribers. | Kuke Music Hldg | $152M | - | |
Nov-25 | TuneIn | | TuneIn is a San Francisco-headquartered live audio platform aggregating 120,000 radio stations, podcasts, and sports. Premium subscribers access NFL games, MLB play-by-play, and ad-free news from CNN. Available on 100 million devices worldwide via partnerships with Amazon Alexa and Apple CarPlay. | Stingray | $150M | 1.4x | |
Dec-25 | H | Harmonic (video unit) | | Harmonic's Video business unit delivers virtualized platforms enabling ultra-high-quality video streaming, broadcast transmission, over-the-top services, and content processing tailored for media broadcasters and streaming providers worldwide. | MediaKind | $145M | - |
Apr-26 | ViewLift | | ViewLift is a New York-based digital video platform building custom-branded apps for OTT streaming, mobile, IPTV, and smart TVs. Sports organizations including US Soccer Federation and media outlets use it to distribute live events and on-demand content directly to fans with monetization tools. | DAZN Group | $100M | - |
Most active buyers of streaming companies
Consumable, Soundtrack Your Brand and Stingray are the most active acquirers of streaming companies in the last three years.
See all streaming acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Consumable | | Consumable is an advertising platform that integrates premium, engaging short-form content with digital ads to enhance brand reach and user experience. | FiresideRadio.com | 2 | |
Soundtrack Your Brand |  | Soundtrack Your Brand is a Spotify-owned music streaming service for businesses. Stockholm-headquartered since its 2017 acquisition, it licenses over 100 million tracks for public playback in retail stores, restaurants, and gyms via curated playlists and apps for web, iOS, Android, Sonos, and Chromecast. Monthly subscriptions ensure legal use without personal account interruptions. | AmbieTunify | 2 | |
Stingray | | Stingray Digital is a Montreal, Quebec-headquartered media company specializing in interactive music services. Its portfolio includes Stingray Music for digital audio channels, The Karaoke Channel for TV and online karaoke, Stingray360 for business music subscriptions, Concert TV for video-on-demand concerts, and Galaxie audio service partnering with CBC/Radio-Canada. | TuneInLoupeDMI Music & Media Solutions+1 | 2 | |
Bending Spoons |  | Bending Spoons is a Milan-headquartered technology company that acquires, develops, and scales mobile applications serving over a billion users globally. The firm owns Evernote for note-taking, Splice for video editing, Remini for AI photo enhancement, 8fit for fitness tracking, Issuu for digital publishing, Meetup for social events, StreamYard for live streaming, and WeTransfer for file sharing. Founded in 2013, Bending Spoons employs machine learning across its apps to personalize user experiences in productivity, creativity, and social tools. The company operates studios in cities including Copenhagen, New York, and Turin. | VimeoIssuuTractive+2 | 2 | |
Shout! Studios | | - | FilmRiseGravitas Ventures | 2 | |
Toho |  | Toho Co Ltd is a diversified media company with interests in the film and theater businesses. The company operates through three primary business segments: movie, theater, and real estate. The movie segment generates the vast majority of its revenue and is involved in the production and distribution of feature films. The theater segment is involved in planning, producing, and performing stage productions. The corporate real estate segment leases land and buildings. The company generates the vast majority of its revenue in Japan. | All the AnimeGKIDSFMI | 2 | |
Disney | | Disney operates in three global business segments: entertainment, sports, and experiences. Entertainment and experiences both benefit from the firm’s ownership of iconic franchises and characters. Entertainment includes the ABC broadcast network, several cable television networks, and the Disney+ and Hulu streaming services. Within the segment, Disney also engages in movie and television production and distribution, with content licensed to movie theaters, other content providers, or, increasingly, kept in-house for use on Disney’s own streaming platform and television networks. The sports segment houses the ESPN family of TV networks and streaming services. Experiences contains Disney’s theme parks, cruises, and vacation destinations and also engages in merchandise licensing. | FuboTVHuluAngel City Football Club | 2 | |
Blue Ant Media | | Blue Ant Media Corporation is engaged in the creation and exploitation of video content across traditional and digital media platforms, operating through three segments: Production and Distribution, Global Channels and Streaming, and Canadian Media. Its Production and Distribution segment focuses on international content production and distribution with operations in London, Los Angeles, Toronto, Halifax and Washington; the Global Channels and Streaming segment includes international channel operations in London, Singapore, Sydney, Los Angeles, Miami, Washington and Toronto, along with Smart TV advertising operations based in Toronto with maximum revenue; and the Canadian Media segment covers channel operations in Toronto and media placement across multiple platforms in Canada. | Magellan TVmarblemediaThunderbird Entertainment+1 | 2 | |
Podimo |  | - | PodadsTonny Media | 2 | |
Evergreen Podcasts | | Evergreen Podcasts is a rapidly expanding podcast network based in the United States that collaborates with major brands and thought leaders to produce branded content, original series, and co-branded shows. The company hosts over 100 podcasts spanning categories like business, health, and true crime, distributed across platforms such as Apple Podcasts and Spotify. With a creative team specializing in narrative storytelling, Evergreen delivers high-engagement audio content that drives audience growth for partners including Fortune 500 companies. | Independent Podcast NetworkDisturbed: True Horror StoriesPractical Stoicism+1 | 2 |
Founders and investors we've worked with
We've supported winning builders across streaming and beyond.
Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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